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Dexus’ own shopping centre fund vetoes $450m Melbourne mall purchase

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Dexus’ attempts to buy a major suburban Melbourne retail asset have been torpedoed by its own fund after the vehicle’s independent board baulked at paying $450 million for the Woodgrove Shopping Centre.

The unusual situation has left Dexus, one of the country’s largest real estate owners, scrambling to find a different way to finalise the deal as unsuccessful bidders line up to make a second play for the centre.

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Campbell Kwan covers commercial and residential real estate for The Australian Financial Review, based in the Sydney newsroom. He was previously the breaking news reporter. Email Campbell at campbell.kwan@afr.com

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    Original URL: https://www.afr.com/property/commercial/dexus-own-shopping-centre-fund-vetoes-450m-melbourne-mall-purchase-20241203-p5kvjg