M&G Real Estate acquires ninth Australian asset for $165m

M&G Real Estate has acquired Casey Central, a sub-regional shopping center, in Melbourne, Australia, for A$220.8 million ($164.7 million) from Scentre Group. The acquisition was made on behalf of M&G Real Estate’s core Asia real estate investment strategy.

It marks the fund’s ninth Australian acquisition to the portfolio.

The Melbourne retail market has seen a bustle of activity, in all sectors of the market in the recent months, according to Colliers International. There has been an influx of divestment strategies by major players including GPT, Mirvac, QIC, Scentre Group and Vicinity Centres over the last financial year, who are now reinvesting this capital into redeveloping their existing trophy assets, with the aim of attracting tenant demand from prominent retail brands and boosting potential income streams through new leasing opportunities.

St. Collins Lane is undergoing renovations, providing an Emerald City like feel. The n