U.S. investor buys stake in Melbourne retail
TH Real Estate has acquired a 33 percent interest in a department store property, Myer Melbourne on Bourke St., in Melbourne.
The asset is valued at A$454 million ($348 million) and the sales price was A$151.3 million ($116 million).
The building was built in 1914 and comprises approximately 430,000 square feet. It was fully refurbished in 2011 and is occupied entirely by Myer.
This represents the third foray into Australia retail real estate for the fund manager, which acquired Greenwood Plaza in North Sydney and Mount Ommaney in Brisbane in October 2014.
Australian retail continues to be a star performer on the global real estate investment stage with the financial year ending 2016 period achieving record levels of capital flows driven by both domestic and offshore investors, according to Colliers International’s Retail - 2015/16 Capital Markets Investment Review, published on Aug. 1. Transaction volumes in excess of $10 million reached an