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Australian shopping center trades to Chinese investor
MPG Funds Management has sold the 3,654-square-meter (39,331-square-foot) Village Lakeside Shopping Centre in Victoria, Australia, to a new entrant investor from China, according to reports.
The shopping center, which was refurbished in 2021, includes 10 non-discretionary stores and a 180-space carpark.
MPG paid just under $13 million for the mall in 2006. Sources with knowledge of the matter have reported the transaction price to be A$25 million ($16.7 million), and the Australian Financial Review said this was the first significant neighborhood mall sale in Victoria in six months.
The disposal was made through the company’s MPG Retail Brands Property Trust, and JLL helped broker the sale.
“We are seeing a significant interest in shopping center assets from Asian capital, particularly for metropolitan Melbourne and Sydney centers,” said MingXuan Li, who heads up the Asia Desk within the JLL Capital Markets Melbourne team.