MA Financial Group Expands Retail Footprint With Nearly AU$328 Million Melbourne Mall Deal

MT Newswires Live

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MA Financial Group (ASX:MAF) acquired a 50% interest in Melbourne's Glen Shopping Center for AU$327.5 million through a managed fund, taking its retail property transactions to AU$500 million in the second half, according to a Thursday Australian bourse filing.

The shopping center is a 7.2-hectare, institutional-grade asset that is 99% occupied, offering an implied passing yield of around 7%, with settlement expected in the fourth quarter, per the filing.

The company has also launched the MA large format retail fund, targeting a portfolio of more than AU$500 million, with ECQ XL as its seed asset and plans to raise initial AU$28 million toward its AU$49 million acquisition, the filing said.

The fund is also undertaking advanced due diligence on two additional large-format retail assets, supported by tightening national vacancy rates of 2.8% and rental growth of 21% since 2020, the filing added.

MA Financial Group's shares shed about 1% in recent Thursday trade.

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