The largest retail transaction in Australia this year
In the largest retail deal in Australia this year, Gandel Group has sold its 50% stake in Melbourne’s Northland super regional shopping centre, to the Canadian Pension Plan Investment Board for AUD 455 million on a yield of 6.25%. Located just 11 kilometres north of the Melbourne Central Business District, Northland totals some 92,380 sqm.
The Northland sale and the AOC/Novotel sale to LaSalle Investment Management, is evidence of an increased level of offshore investment in Australia. These deals last month total nearly AUD 700 million, and represent a massive increase on 2010, when a total of only $239 million was transacted in the retail sector.
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