Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

TH Real Estate buys 33pc of Myer’s flagship store

TH-Real-Estate/funds-management/Melbourne/

12 September 2016
| By Anonymous (not verified) |
image
image image
expand image

Investment management company, TH Real Estate, has inked a deal to buy 33 per cent of Myer Bourke Street in Melbourne, on behalf of TIAA for $151.3 million.

The asset had been Myer's flagship store and one of the country's best retail destinations that took up nine stories and 40,000 square metres.

It was built in 1914, refurbished in 2011 and was located in the heart of Melbourne's shopping precinct with pedestrian frontage to Bourke Street Mall.

The group's head of capital transactions, Stephen Philip, said: "The acquisition fit our strategy of owning dominant, well-located, prime retail properties that catered to today's occupier needs".

The group's head of asset management, Jayson Egan, said its long-term indexed lease offered investors sustained income returns, while they were also invested in a long-term retail growth market.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

1 week 5 days ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

2 weeks 4 days ago

So we are now underwriting criminal scams?...

6 months 3 weeks ago

After last month’s surprise hold, the Reserve Bank of Australia has announced its latest interest rate decision....

1 week 6 days ago

A professional year supervisor has been banned for five years after advice provided by his provisional relevant provider was deemed to be inappropriate, the first time th...

3 weeks 5 days ago

WT Financial’s Keith Cullen is eager for its Hubco initiative to see advice firms under its licence trade at multiples which are catching up to those UK and US financial ...

2 weeks 3 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
74.26 3 y p.a(%)
3