Canada Pension buys into Melbourne complex

Reported by AAP
Wednesday, June 1, 2011
Topics in this article:
Cfs Retail Property ,Commonwealth Bank Of Australia.
Australia's richest and poorest postcodesOne pocket of Sydney's eastern suburbs earn close to nine times more than those who live in the country's poorest area.

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.

29/05/2015 04:02Sydney, Australia. 29 May,2015
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