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Myer flagship purchased by global investment manager

Myer flagship purchased by global investment manager

Lisa Gaddie

Two firms have advised on a transaction that saw a global investment manager acquire a third of a busy Myer complex in the heart of Melbourne.

Firms: Lander & Rogers (Myer Family Company); MinterEllison (TH Real Estate)

Deal: The Myer Family Company has been advised on the sale of its one third interest in the nine-storey Myer building on Bourke Street, Melbourne to TH Real Estate.

Value: $151.3 million

Area: Property, projects and infrastructure

Key players: The team advising The Myer Family Company was led by Lander & Rogers property, projects and infrastructure partner Lisa Gaddie (pictured), with assistance from partner Nick Stocks and senior associate Nuala Same.

Deal significance: This transaction has resulted in TH Real Estate now owning one third interest in the nine-storey Myer building, located on Bourke Street, Melbourne.

The remaining two thirds of the flagship Myer store are owned by retail asset manager Vicinity Centres and the Singapore government’s sovereign wealth fund, GIC.

The building was constructed in 1914 and comprises approximately 40,000 square metres.

“The real estate and retail and supply chain sectors are two key sectors of our firm, and it was great to be part of a high-profile transaction like this, which combines elements from both sectors,” Lander & Rogers property, projects and infrastructure partner Lisa Gaddie said.

“This was a really interesting and complex transaction involving co-ownership and leasehold arrangements. It also showcases the continuing interest in investment in premium passive retail assets in Australia.”

 

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