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Blackstone selling Brimbank Shopping Centre in Melbourne for A$170M

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Blackstone selling Brimbank Shopping Centre in Melbourne for A$170M

Blackstone Group LP is selling Brimbank Shopping Centre in northwestern Melbourne for more than A$170 million, Commercial Real Estate News reported.

The 37,576-square-meter sub-regional mall was part of the retail property portfolio that Blackstone tried to sell in 2017. Blackstone pulled the portfolio from the market and began selling the 11 malls individually because of a negative retail outlook in 2018, the report noted.

The mall, on a nearly 11-hectare site in Deer Park, is anchored by Coles Group Ltd., Woolworths Group Ltd., Aldi Einkauf GmbH & Co. oHG and Target Australia Pty. Ltd. stores, according to the publication. It features 91 specialty retailers, seven pad sites and over 1,600 car parking spaces.

CBRE, which was hired by Blackstone to handle the sale, did not comment on the matter, according to the report.