Melbourne-based fund manager Fawkner Property and alternative investment firm PAG have acquired Perth’s Midland Gate shopping centre for $465 million.

The deal marks Australia’s largest single regional asset transaction since December 2019.

Located in Perth’s fast-growing north-eastern metropolitan corridor, Midland Gate has a gross lettable area of 68,600sqm, anchored by Coles, Woolworths and Aldi, in addition to Kmart, Big W and Target.

The facility recently underwent a major $100 million redevelopment and expansion.

CBRE’s Simon Rooney, who negotiated the sale on behalf of Vicinity Centres, said the centre offers “superior returns” compared to most alternative commercial property asset classes.

“As retail fundamentals continue to reset for high quality assets and move into a clear growth phase, domestic and offshore investors are proactively re-engaging and seeking out top-end shopping centre investment opportunities such as Midland Gate, particularly being a 100 per cent interest with management rights.”

Further reading: Vicinity takes full control of Chatswood Chase, sells Roxburgh Village