Canada Pension buys into Melbourne complex

Reported by AAP
Wednesday, June 1, 2011
Topics in this article:
Cfs Retail Property ,Commonwealth Bank Of Australia.

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The Canada Pension Plan Investment Board has bought a 50 per cent interest in Melbourne's Northland Shopping Centre for $455 million from private property company Gandel Group.

The other 50 per cent of Northland, which is a 92,380-square-metre regional shopping centre, is owned by Colonial First State Retail Property Trust (CFX).

Colonial First State Global Asset Management, which manages CFX and is a part of Commonwealth Bank of Australia Ltd, will continue to manage Northland.

The Gandel Group is owned by property billionaire John Gandel and has a 26 per cent stake in CFX.

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