Myer Pty Ltd
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On 18 July 2007, GIC Real Estate, a subsidiary of Government of Singapore Investment Corporation, as part of a consortium including CFS Retail Property Trust, announced that it had with Myer Pty Ltd (“Myer”) to acquire and redevelop the iconic Myer Melbourne property for a total of approximately $950 million.
This Myer Melbourne retail property occupies two adjoining city blocks on Bourke and Lonsdale streets. Under the consortium arrangements, CFS Retail Property Trust, GIC RE and the Myer family will equally own the Bourke Street site while the Lonsdale Street site will be owned by CFX and GIC RE.
The redevelopment plans include a glass-domed cultural centre, environmentally friendly innovations, and the potential for new office space.
