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Myer flagship purchased by global investment manager
Two firms have advised on a transaction that saw a global investment manager acquire a third of a busy Myer complex in the heart of Melbourne.
Emma Musgrave
Firms: Lander & Rogers (Myer Family Company); MinterEllison (TH Real Estate)
Value: $151.3 million
Area: Property, projects and infrastructure
Key players: The team advising The Myer Family Company was led by Lander & Rogers property, projects and infrastructure partner Lisa Gaddie (pictured), with assistance from partner Nick Stocks and senior associate Nuala Same.
Deal significance: This transaction has resulted in TH Real Estate now owning one third interest in the nine-storey Myer building, located on Bourke Street, Melbourne.
The remaining two thirds of the flagship Myer store are owned by retail asset manager Vicinity Centres and the Singapore government’s sovereign wealth fund, GIC.
The building was constructed in 1914 and comprises approximately 40,000 square metres.
“The real estate and retail and supply chain sectors are two key sectors of our firm, and it was great to be part of a high-profile transaction like this, which combines elements from both sectors,” Lander & Rogers property, projects and infrastructure partner Lisa Gaddie said.
“This was a really interesting and complex transaction involving co-ownership and leasehold arrangements. It also showcases the continuing interest in investment in premium passive retail assets in Australia.”
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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