Country-Specific Info

LaSalle acquires shopping centre in Melbourne’s northern growth corridor

SYDNEY August 17, 2015 – LaSalle Investment Management (“LaSalle”) today announced that on behalf of Bayerische Versorgungskammer (BVK) it has acquired Summerhill Shopping Centre in the inner Melbourne suburb of Reservoir, approximately 12 kilometres northeast of the city’s CBD.

Located on a high profile corner site and well serviced by Melbourne’s main arterial roadways and a major tram stop providing direct access to the city’s CBD, Summerhill Shopping Centre is a convenience based sub-regional shopping centre covering 16,493m². It is anchored by Coles, Aldi and Kmart, with an additional two mini majors, 28 specialities, four kiosks, three ATMs and three pad sites.

Chris Forbes, Head of Funds Management (Australia), LaSalle, said, “This asset is an excellent long-term investment opportunity for the BVK mandate in Melbourne’s thriving northern growth corridor. It is supported by a vast trade catchment area which is experiencing consistent growth and has an estimated population of 153,000.”

BVK is the Bavarian umbrella pension scheme for self-employed professionals, including doctors, lawyers and architects. It has invested with LaSalle since August 2013 in global, core direct real estate investment opportunities across all property types and selected geographies.