The Perron Group is reportedly in talks to sell a 50% stake in Melbourne’s The Glen shopping centre to funds manager MA Financial for about $340 million.

The proposed transaction would value the entire Glen Waverley centre at about $680 million, above its 2025 $618 million valuation.

The deal would also take the value of Perron Group’s recent Victorian property disposals to around $530 million. The group previously sold a stake in Westfield Airport West for about $190 million.

The Glen, about 26 kilometres south-east of Melbourne’s CBD, is one of the major shopping centres in Melbourne’s eastern suburbs. The two-level centre has David Jones, Target, Aldi, Coles and Woolworths and includes more than 205 specialty stores, a fresh food market hall and an outdoor dining precinct.

The centre underwent a major redevelopment in 2020, with about $430 million invested. A separate $450 million residential development was also undertaken by Golden Age Group.

The proposed buyer, MA Financial, has been building a significant shopping-centre portfolio and has already acquired major retail assets including Logan Hyperdome in Queensland for $678 million and Sydney’s Top Ryde City for $525 million, backed by Singaporean investment group Keppel REIT.

If completed, the transaction would give MA Financial another substantial exposure to the Australian retail property market while allowing Perron Group to retain a 50% interest in The Glen. The sale is being brokered by CBRE’s Simon Rooney. 

The Glen remains a significant retail asset. Industry data places the centre at around 76,500 square metres of gross lettable area, with 2025 retail sales of about $8,915 per square metre.

The move continues the Perron Group’s broader strategy of reducing its exposure to shopping-centre assets. The group sold stakes in Perth’s Cockburn Gateway and Belmont Forum to GPT in 2024.

The Perron Group was established by the late businessman and philanthropist Stan Perron and is now operated under a structure linked to the Stan Perron Charitable Foundation, with its assets supporting philanthropic activities.