Lander & Rogers advises Myer on sale of flagship store
We recently advised The Myer Family Company on the sale of its one third interest in the nine storey Myer building in Bourke St, Melbourne to global investment manager TH Real Estate. The deal value was $151.3M. The remaining two thirds of the flagship Myer store are owned by retail asset manager, Vicinity Centres, and the Singapore Government's sovereign wealth fund, GIC. The building was built in 1914 and comprises approximately 40,000 square metres.
Lisa Gaddie, who led the Lander & Rogers team said, "The Real Estate and Retail & Supply Chain sectors are two key sectors of our firm, and it was great to be part of a high profile transaction like this which combines elements from both sectors. This was a really interesting and complex transaction involving co-ownership and leasehold arrangements. It also showcases the continuing interest in investment in premium passive retail assets in Australia."