The historic home of the David Jones department store in the heart of Melbourne’s Bourke Street mall will be the centrepiece of a new property fund offering its investors a 9 per cent distribution yield.
South African-listed Woolworths Holdings has confirmed it has sold the 25,000 square-metre property to local fund manager IP Generation for $223.5 million, the last asset standing after its costly foray into upmarket Australian retailing.
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Nick Lenaghan edits the property section, which covers all aspects, from residential real estate and housing and construction to commercial property – office, retail, industrial – and major ASX-listed developers and real estate investment trusts. Connect with Nick on Twitter. Email Nick at nlenaghan@afr.com