Billionaire Nick Andrianakos has secured his largest property deal to date, purchasing a 50% stake in Melbourne’s Northland shopping mall for $385 million.
This marks Andrianakos’ fourth significant venture into the mall sector, having consistently partnered with ASX-listed Vicinity Centres in previous deals.
The acquisition, which Andrianakos made from an unlisted retail property fund managed by GPT Group, is seen as a bargain.
GPT originally acquired its interest for $496 million in 2014, with Vicinity valuing its stake at $410 million last year.
The off-market deal is the biggest of its kind in the Victorian retail sector since 2018, offering a boost to the industry.
Andrianakos, ranked 90th on the Financial Review Rich List with a $1.73 billion fortune, has diversified into commercial property following the sale of his Milemaker petrol stations to Caltex in 2016.
The Northland deal aligns with a trend of opportunistic acquisitions in the retail sector, which has faced disruption from e-commerce and the pandemic.
Since 2022, Andrianakos Property Group has invested nearly $850 million in shopping malls across Adelaide and Melbourne.
Northland, located in Melbourne’s northern suburbs, features over 98,000 square metres of retail space, including major brands like Myer, Coles and Kmart.
Source: AFR.
