Germany based pension fund buys shopping mall in Melbourne

MELBOURNE (Aug 17): Munich-based pension fund Bayerische Versorgungskammer (BVK) has acquired Summerhill Shopping Centre in the inner Melbourne suburb of Reservoir, LaSalle Investment Management said in a statement today.

Chris Forbes, head of funds management (Australia) at LaSalle, noted that this is an excellent long-term investment opportunity for BVK in Melbourne’s northern growth corridor.

“It is supported by a vast trade catchment area which is experiencing consistent growth and has an estimated population of 153,000,” he said.

The mall covers 16,493 sq m (177,520 sq ft), and is anchored by Coles, Aldi and Kmart. It is located about 12km northeast of the city’s CBD, and serviced by Melbourne’s main arterial roadways and a major tram stop providing direct access to the city’s CBD.

BVK has invested with LaSalle since August 2013 in global, core direct real estate investment opportunities across all property types and selected geographies. It is the Bavarian umbrella pension scheme for self-employed professionals.