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M&G Investments sells Casey Central for $225m

Haben Property Fund together with their Joint Venture Partner, The JY Group, have acquired Casey Central town centre for $225million in Victoria’s largest sub-regional shopping centre sale in five years.

Lachlan MacGillivray, Head of Retail Investment Services at Colliers, facilitated the landmark sale on behalf of M&G Investments.  

Casey Central is an outstanding triple supermarket and discount department store town centre located in Melbourne’s south east growth corridor.

Prominently located on the Narre Warren – Cranbourne Road and set across a single level, the centre is anchored by Coles, Woolworths, ALDI and a brand-new Kmart discount department store. Together, major tenants occupy 54% of the total GLA.  The strong security of income is underpinned by a major tenant Weighted Average Lease Expiry of 14.4 years by income. 

“We are very pleased with the outcome achieved via a highly competitive sale process for Casey Central, with the fund delivering a strong outcome for its’ investors,” James MacKinnon, Head of Australia, Real Estate at M&G Investments said. 

“The asset has shown incredible resilience through a challenging last 12 months and we have been very pleased with its performance over our period of ownership.”

Ben Finger, Managing Director of Haben, said: “We are delighted with the acquisition of Casey Central. We are very focused on the long term growth fundamentals of the asset and see opportunity to build on the strong foundations that M&G put in place during their ownership.”

Mr MacGillivray said the sale brought the total volume of sub regional transactions for the year to more than $1.2billion. 

“Casey Central is one of the best quality town centres that we have seen offered to the market in recent times,” Mr MacGillivray said. 

“It ticked all the boxes that astute investors were looking for in that it offered a secure tenant profile, limited required capital expenditure and is perfectly positioned to capture the future growth potential of the trade area.

“There is currently more than $2billion in unsatisfied capital aggressively pursuing retail centres that offer these characteristics, as witnessed in recent market transactions including The Square Mirrabooka and CS Square.

“Assets such as Casey Central rarely come to market. The centre is well equiped to serve the needs of the growing, family-based local community.”
Casey Central is located 40km from the CBD, in the heart of Melbourne’s south east growth corridor where the trade area population is forecast to grow at a rate of 2.1% p.a. to 2036¹. 

The centre underwent a $155million redevelopment in 2016 and presents as a best-in-class town centre, delivering exceptional amenity to customers.
The low site coverage of 29% allows an incoming investor ultimate flexibility to drive the long-term performance of the site.
The sale marks the largest sub-regional shopping centre transaction in Australia since 2019.

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Lachlan MacGillivray

Head of Retail Investment Services | Australia


Specialising in the sale of major shopping centres, Lachlan has managed the sale of over $15 billion worth of shopping centres, working with a wide range of clients including institutional, international and private investors.

In 2021, Lachlan’s team transacted the largest retail deal in Australian history, with the sale of Pacific Fair and Macquarie Centre for $2.2 billion. This deal represents the largest retail transaction globally since 2018. He also secured the second largest agency retail transaction in Australia at $1.00 billion in the sale of Pacific Werribee and Pacific Epping.

In 2019, Lachlan's team transacted 83% of all retail assets greater than $100 million, equalling a total of $3.58 billion in sales. These included:
• The sale of Westfield Marion, SA for $670 million (50% interest);
• The sale of Westfield Burwood, NSW for $575 million (50% interest);
• The sale of Garden City Booragoon, WA for $575 million (50% interest);

In the last 5 years, Lachlan has sold 8 out of the 9 Australian regional shopping centres that were presented to market, and has successfully marketed over 100 different assets. Lachlan has achieved the largest individual transaction in Australian history with the sale of Indooroopilly Shopping Centre, QLD for $810 million (50% interest). 

With an in-depth understanding of shopping centre performance, Lachlan can provide you with expert advice on the sale and acquisition of all your retail investment:

• Capital Partnering / Joint Ventures / Portfolio Transactions
• Asset Marketing and campaign strategy, implementation and execution
• Shopping centre acquisition and disposal
• Sale negotiation and transaction
• Strategic asset positioning and repositioning to maximise asset performance
• Buy side investment advisory

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