Melbourne-based fund manager Fawkner Property is in due diligence to buy the Willows Shopping Centre in Townsville from the Dexus Wholesale Property Fund for more than $200 million amid a revival in dealmaking at the top end of the retail property sector.

The 44,507-square-metre shopping centre – the largest in the Queensland coastal city – is the latest mall offering being shopped around by ASX-listed Dexus and its managed funds, following the sale of half-stakes in two Adelaide malls – Westfield Tea Tree Plaza and Westfield West Lakes – to Scentre Group for a combined $475 million and at discounts of 10 per cent or more to book value.