A consortium, including the CFS Retail Property Trust, is to bid for the rights to acquire and redevelop the historic Myer Melbourne site.
The consortium, in association with GIC Real Estate and The Myer Family Company, is looking to complete a full restoration and refurbishment of the site on Bourke and Lonsdale streets by late 2009.
"A completed development of the Myer site would directly align with the fund's existing Australian portfolio, which includes such landmark centres as QueensPlaza, Brisbane; Chadstone Shopping Centre, Melbourne; and Chatswood Chase Shopping Centre, Sydney," CFS Retail Property Trust fund manager Michael Gorman said.
CFS' share of the acquisition and development will be initially debt funded, with the group currently considering a range of options within the group's 25 per cent to 35 per cent gearing range.
"As a long-term participant in the retail property industry, we have developed a strong relationship with Myer Pty Ltd and look forward to finalising this transaction," Colonial First State Global Asset Management head of listed property Darren Steinberg said.
