Shopping Centre

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Major retail landlords are coming under pressure from the sluggish performance of anchor tenants, which are dragging on overall complexes even as some areas hold up.

Melbourne’s Chadstone shopping centre, co-owned by billionaire John Gandel and the listed Vicinity Centres, is set for a makeover with its owners submitting plans for development worth more than $600 million.

The powerful AMP Life operation is offering about $300m worth of units in one of the nation’s top retail landlords, the AMP Capital Shopping Centre Fund, for sale at a discount of about 7%.

Shopping centre giant Vicinity Centres has flagged yet another expansion of Melbourne’s massive Chadstone Shopping Centre, that it owns with billionaire John Gandel, with another tower and even residential apartments potentially in the mix.

Online discount retailer Catch has launched its second dedicated bricks and mortar store, cutting the ribbon on a pop-up shop inside a Target outlet at a Melbourne shopping centre.

The shopping centre industry has been rocked by the largest deal of the year, with a half stake in the $1.34bn Westfield Marion in Adelai­de selling to Singapore-listed SPH REIT, in a transaction showing an 8% discount to the mall’s December value.

Hotel and pub barons the De Angelis family have purchased western Sydney’s Raby Tavern and Shopping Centre for over $30 million.

A Melbourne property syndicate has bought Corio Central shopping centre in a $101 million deal.