TH Real Estate buys 33pc of Myer’s flagship store
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.
Recommended for you
Private investment opportunities are moving up on the list of what investors want from their financial advisers, according to Natixis IM, and over half of firms say they are offering them more strategies.
Two asset managers have each expanded their product suite with the launch of new global equity funds for Australian investors.
Platinum Asset Management has put its two closed-end funds under strategic review in a bid to reduce the share price discount to pre-tax NTA and maximise shareholder value.
In the latest Meet the Manager profile, Money Management speaks with Michael Skinner, founder and managing director at Blackwattle Investment Partners.