Investment management company, TH Real Estate, has inked a deal to buy 33 per cent of Myer Bourke Street in Melbourne, on behalf of TIAA for $151.3 million.
The asset had been Myer’s flagship store and one of the country’s best retail destinations that took up nine stories and 40,000 square metres.
It was built in 1914, refurbished in 2011 and was located in the heart of Melbourne’s shopping precinct with pedestrian frontage to Bourke Street Mall.
The group’s head of capital transactions, Stephen Philip, said: “The acquisition fit our strategy of owning dominant, well-located, prime retail properties that catered to today’s occupier needs”.
The group’s head of asset management, Jayson Egan, said its long-term indexed lease offered investors sustained income returns, while they were also invested in a long-term retail growth market.
