Vicinity Centres and Perron Group agreed to sell the residential air rights in The Glen property in Melbourne to Golden Age Group for net proceeds of A$460 million.
Vicinity Centres CEO and Managing Director Angus McNaughton said the property is undergoing a redevelopment.
The Melbourne-based buyer will also deliver more than 500 apartments across three buildings, McNaughton said. Vicinity owns a half stake in the building and redevelopment costs for it initially amounted to A$490 million.
Upon an expected completion by early 2020, the renovation will expand the property's gross lettable area to approximately 78,000 square meters. The property's retail development will be opened in phases over a period of three years.
As of April 7, US$1 was equivalent to A$1.33.