A private investment house which is backed by the Rich Lister Lowy family has partnered with one of the world’s biggest property fund managers to buy a $440 million shopping centre in suburban Melbourne.

The purchase of Woodgrove shopping centre on the western outskirts of Melbourne represents a return by the Lowy family as a private investor to major shopping malls. Sir Frank Lowy co-founded the Westfield empire before selling its global arm in a $32 billion deal eight years ago.