M&G buys Melbourne’s Casey Central for A$221 million

By

Barbara Santamaria

Published
Dec 8, 2016

British investment company M&G Real Estate has acquired a shopping centre in Melbourne for A$221 million in this year’s biggest sub-regional retail mall transaction.

The UK investment giant bought Casey Central this week from Scentre Group, according to local news reports. The newly relaunched shopping centre, located in the south of Melbourne, is anchored by Coles, Woolworths, Target and Aldi, and features nearly 100 specialty stores.

It was reopened in March this year following a A$155 million redevelopment, unveiling 28,760 sq m of space, over 50 new stores and a new dining area. The redevelopment transformed Casey Central into the key neighbourhood retail destination in Melbourne’s south-eastern growth corridor, according to Scentre.

The deal was secured through M&G’s Asia Property Fund, strengthening the company’s property portfolio in the region. M&G has also a 25% stake in Westfield Doncaster, a premium regional shopping centre which is also partly owned by Scentre Group.

The acquisition of Casey Central will be completed in the first quarter of 2017.