One of Melbourne’s largest retail property transactions this year has just been announced: MA Financial has purchased a 50 per cent stake in The Glen shopping centre for $327.5 million.
Simon Rooney, head of retail capital markets at CBRE, which managed the deal, said it shows investor confidence is returning to Victoria.
“The Glen represented an exceptional, high-quality opportunity to secure a 50 per cent interest in a major Melbourne metropolitan retail asset,” he added.
Perth-based sellers Perron Group got a “premium price”, Rooney said. For MA Financial, The Glen’s transaction forms part of a wider $497.5 million acquisition program that also includes ECQ LFR in Sydney and Taigum Central in Brisbane.
“Investor sentiment is gradually shifting into positive territory for Melbourne, as retail supply nationally reduces,” Rooney said. “We’re seeing counter-cyclical buyers willing to invest on the assumption that conditions will improve following the upcoming state election and a potential change of government.”
More than $4.5 billion worth of transactions involving regional shopping centres have taken place in the country in just 2026 alone. It follows 2025’s record year, which saw $6.9 billion worth of deals on such properties.
The Glen shopping centre is jointly owned and managed by Vicinity Centres. Located 26km southeast of Melbourne’s CBD, it has a gross lettable area of 76,471sqm. Large tenants include David Jones, Coles, Woolworths and Aldi.
The centre’s annual retail sales surpass $575 million, and it attracts around 15 million visitors each year.
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