Elanor, Heitman shedding major Melbourne mall
Charter Hall is making another play for a major Victorian shopping centre, this time in south east Melbourne’s Mulgrave.
The triple supermarket anchored Waverley Gardens, on 10.6 hectare, is believed to be costing $170 million from an unlisted joint venture controlled by Elanor Investors Group and Heitman.
The deal – in due diligence/not formalised – comes two months after a c$180m sale fell through to Vicinity Centres, which it is understood was eying it to extend with a DFO.
Elanor and Heitman paid Blackstone $178m for the centre in 2018 for the Waverley Gardens Partnership.
It later undertook a c$24m revamp including adding a fresh food and health services precinct.
Charter Hall backs Victoria again
With c39,550 square metres, also anchored to Big W, with 10 mini-majors, 105 specialty stores and offices, Waverley Gardens is highly exposed to the Monash Freeway.
Any deal would come four weeks since we reported the group was seeking to buy Geelong’s Corio Village from IP Generation for c$145m.
Last year meanwhile the company outlaid $50.25m for the Glebe Hill Village at Howrah, east of Hobart.
Waverley Gardens is expected to be held in in the Retail REIT though Charter Hall also has partnerships to hold retail product (one, with Telstra, shed a Newcastle asset mid last year).
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