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Gandel Sells Half Stake of Northland for $487M

MELBOURNE, AUSTRALIA-The CPP Investment Board has purchased 50% of the one million square foot Northland super regional shopping center, in expanded global retail interest.

By Robert Carr | Updated on June 02, 2011

MELBOURNE, AUSTRALIA-The Gandel Group has sold its 50% stake in the one-million-square-foot Northland shopping center here for $487 million. The Canada Pension Plan Investment Board will partner with the other half-owner, Colonial First State Retail Property Trust.

The center is just a few miles north of the Melbourne CBD, at the corner of Murray Road and Hannah Street. Anchors include Myer, Kmart, Target, Coles and Safeway, a 14-screen Hoyts movie theater and about 300 other stores. The property underwent a redevelopment in December 2009.

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