Listed property giant Dexus is on the hunt for a major shopping centre, circling Woodgrove Shopping Centre in Melbourne’s west and Erina Fair on the NSW Central Coast, amid a resurgence in investor interest in the sector.

Dexus has emerged as the frontrunner among prospective buyers in talks to acquire Woodgrove mall from Queensland’s sovereign fund QIC. The shopping mall is expected to trade for about $450 million – a price that would fall slightly under the book value of $475 million, according to multiple sources familiar with sales discussions.