MA Financial Group Acquires 50% Interest in Melbourne's The Glen Shopping Centre for A$327.5 Million
MA Financial Group Limited has agreed to acquire a 50% interest in The Glen Shopping Centre in Glen Waverley, Melbourne, for A$327.5 million through a managed fund, with settlement expected in the fourth quarter of 2026. The deal implies a passing yield of approximately 7.0% and marks one of the largest retail property transactions in Melbourne in 2026. The transaction coincides with the firm's launch of the MA Large Format Retail Fund.
Deal Details and Property Overview
The Glen Shopping Centre is located at 235 Springvale Road, Glen Waverley, Victoria, approximately 26 kilometres south-east of the Melbourne CBD. The centre sits on a 7.2-hectare site and encompasses approximately 76,471 square metres of gross lettable area. It is jointly owned and managed with Vicinity Centres; MA Financial Group is acquiring the interest from Perth-based Perron Group.
Originally opened in 1967, the centre underwent a A$430 million redevelopment completed in 2020. It currently operates at a 99% occupancy rate, generates annual retail sales of more than A$575 million and attracts almost 15 million visitors per year from a catchment of more than 300,000 residents. Key tenants include David Jones, Coles, Woolworths, Aldi and Target.
The A$327.5 million consideration represents a 50% interest. Based on the disclosed consideration and ownership percentage, the implied value for 100% of the centre is approximately A$655 million, or roughly A$8,560 per square metre. The implied annual passing income on the acquired interest is approximately A$22.9 million, calculated from the stated 7.0% passing yield applied to the acquisition price.
MA Financial Group Co-Head of Core Real Estate Chris Lock said the transaction represented a rare opportunity. "This was a rare investment opportunity to acquire a 50% share in a large-scale high-performing shopping centre that is an entrenched retail destination in one of Melbourne's most affluent catchment areas," Lock said. "Centres of this scale and trading performance rarely transact, with only three regional shopping centres having traded in Greater Melbourne over the past decade."
MA Financial Group's Expanding Retail Portfolio
The Glen acquisition is part of a broader acceleration of MA Financial Group's retail real estate strategy. The firm said it has now transacted on approximately A$500 million of retail assets in the second half of 2026. Following settlement of recently exchanged assets, the group expects to hold almost A$5 billion of retail real estate assets across its funds — representing an additional A$2 billion transacted since acquiring the IP Generation business approximately 12 months earlier.
Joint CEO Julian Biggins said the pace of activity reflects the firm's conviction in the sector. "Following the settlement of these recently exchanged assets, MA Financial will have almost $5 billion of retail real estate assets in its funds, having transacted on an additional $2 billion of assets since acquiring the IP Generation business just 12 months ago," Biggins said. "This underscores our strong belief in the structural and macroeconomic tailwinds supporting Australian retail real estate, including population-led demand growth, resilient consumer expenditure, severely constrained supply and lower retail floorspace relative to global peers. This is driving both rental growth and shopping centre valuations."
The Glen acquisition follows MA Financial Group's recently announced exchange on approximately A$170 million of retail assets, comprising Taigum Square shopping centre in Brisbane and ECQ XL, a large-format retail centre in Western Sydney.
Launch of the MA Large Format Retail Fund
Separately from The Glen transaction, MA Financial Group has launched the MA Large Format Retail Fund, established to assemble a diversified, institutional-scale portfolio of Australian large-format retail assets with a target portfolio size in excess of A$500 million. ECQ XL will serve as the seed asset for the new fund.
MA Financial Group plans to raise an initial A$28 million to fund the A$49 million acquisition of ECQ, with the fund currently in advanced due diligence on two further large-format retail assets.
The firm cited several market conditions supporting the large-format retail strategy. National vacancy rates for large-format retail assets have tightened to 2.8%, and market rents have increased 21% since 2020. Leases expiring across listed large-format retail portfolios are currently resetting at 6% to 8% above passing rents.
Lock said the conditions create a clear opportunity for active management. "We have strong conviction in Australian large format retail, where constrained supply, low vacancy rates and embedded rental reversion are creating attractive opportunities for income growth," he said. "We also see significant potential to create value through leasing, repositioning and active asset management within the assets we are focused on initially acquiring for the new Fund."
Market Context and Outlook
The transaction signals continued investor interest in institutional-grade Australian retail real estate. MA Financial Group's investment thesis points to four supporting factors: population growth expanding retail catchments, resilient consumer expenditure particularly in essential retail categories, constrained new supply limiting competition among established centres, and lower retail floorspace per capita in Australia relative to global peers.
The Glen's tenant composition — anchored by Coles, Woolworths and Aldi alongside David Jones and Target — provides substantial exposure to non-discretionary spending. Combined with the centre's 99% occupancy rate and the recently completed redevelopment, the asset presents limited near-term capital expenditure and leasing risk relative to older or less dominant centres.
Settlement of the A$327.5 million acquisition is expected in the fourth quarter of 2026.