This article is from the Australian Property Journal archive
The list of prospective buyers for the 61 Myer department chain is believed to have narrowed down to four as the deadline for final bids closes this Friday.
Coles Myer is expected to fetch at least $1 billion from the sale of the Myer stores.
It is believed that South African retailer Edgars Consolidated Stores, CVC Asia Pacific, Harvey Norman and the Newbridge Capital/Myer family consortium is in the running.
Separately, Myer’s flagship store on Bourke and Lonsdale streets in Melbourne is also on the market, it is believed that General Property Trust, Lend Lease and CFS Gandel are in contention.
That sale is expected to fetch $500 million.
Meanwhile, more than seven days have passed for Coles Myer, which has an option to exercise its first right of refusal over the 50% interest in the Highpoint Shopping Centre for $500 million.
Highpoint is the third largest retail centre in Australia behind Gandel’s Chadstone Shopping Centre and Sydney’s Warringah Mall.
While the sale is conditional upon Coles Myer – the largest tenant of the retail centre, not exercising its first right of refusal, property sources believe Coles Myer is not interested in buying a stake in Highpoint.
A property source said Coles Myer is busily organising the sale of assets associated with the Myer businesses.
Another property source added that in addition to Highpoint, GPT is a favoured buyer for Coles Myer’s prized Bourke St Mall store in Melbourne, estimated to be valued at $500 million.
The source added that GPT is more likely to snap up both assets in a $1 billion plus shopping spree.
GPT’s chief executive officer Nic Lyson said last month GPT has the capacity to fund the acquisition.
By Adam Parsons
