RetailHarrison CaithnessFri 25 Sep 26
MA Financial Stumps Up $328m for Half-Stake in Melbourne’s The Glen
MA Financial has snapped up a half share in a south-east Melbourne shopping centre from Perth-based group Perron for $327.5 million.
The Glen—jointly owned by Vicinity Centres—on Wurundjeri Woi Wurrung and Bunurong land sits at the junction of Springvale and High Street roads, 19km south-east of the Melbourne CBD.
The acquisition adds to the ASX-listed investment fund manager’s almost $5-billion retail real estate portfolio. The group has traded $2 billion in retail property in the past year.
A stone’s throw from Glen Waverly station, The Glen turned over more than $575 million in retail sales and had 15 million visitors in the 2025-26 financial year.
The 7.2ha asset has a gross lettable area of 76,471sq m, and long term tenants department stores David Jones and Target, and supermarkets Coles, Woolworths and Aldi.
More than $4.5 billion has changed hands across regional shopping centres this year—$2.8 billion in Victoria alone.
Last year large format retail asset trading hit almost $7 billion for the 12 months.
MA Financial managing director Andrew Coutts expects more large format retail transactions before the year ends.
He said there had been no “significant supply” of sub-regional and regional shopping centres for years.
“It doesn’t stack up from a feasibility perspective to buy land to build new shopping centres,” Coutts said.
MA Financial’s Chris Lock said just three regional shopping centres had been traded in Greater Melbourne during the past decade.
A $430-million refurbishment of The Glen, including a new mall and food hall, completed 2020.
A $450-million, three-tower residential development of 500 homes was built above The Glen the same year.
CBRE’s Simon Rooney handled the sale and said investor sentiment was improving as retail supply reduced across the country.
The Glen has a vacancy rate of about 1 per cent compared to the national average of 2.8 per cent for large format retail assets.
MA Financial in August picked up the Eastern Creek Quarter retail precinct in Sydney and Brisbane’s Taigum Square for $169 million.
The Glen deal came as MA Financial revealed a large format retail fund seeded by the Eastern Creek Quarter.
