MA Financial has acquired a 50 per cent interest in The Glen Shopping Centre in Melbourne for around $327.5 million, adding another major retail asset to its expanding property portfolio.

The stake was purchased from Perron Group in an off-market transaction brokered by CBRE’s Simon Rooney. The deal implies a passing yield of about 7 per cent and comes amid renewed institutional interest in Melbourne shopping centres.

The Glen is located in Glen Waverley, about 26km south-east of Melbourne’s CBD, and is anchored by David Jones, Target, Aldi, Coles and Woolworths. It also includes a fresh food market hall, outdoor dining precinct and more than 205 specialty stores.

The transaction takes Perron Group’s recent Victorian retail asset sales to about $520 million following the earlier disposal of its interest in Westfield Airport West for around $190 million.

The deal comes as investors reassess Melbourne retail property despite ongoing concerns around taxation, retail crime and broader economic conditions.

Rooney said sentiment towards Melbourne was improving as the supply of major retail assets tightened nationally, with some buyers taking a longer-term view on the state’s prospects.

The timing is also notable ahead of Victoria’s next state election, which will be held on 28 November 2026. Some property investors have been watching the policy environment closely, including debate around Victoria’s absentee owner surcharge and other property-related taxes.

Elsewhere in Melbourne, HMC Capital is reportedly in discussions to acquire Greensborough Plaza for more than $330 million from Blackstone, adding to evidence of increased activity in the shopping centre investment market.

MA Financial has already been building its Australian retail property exposure, including assets in Queensland and New South Wales.

The group recently confirmed the acquisition of Taigum Square in Brisbane from Vicinity Centres for $120 million, while it has also secured the ECQ XL large-format retail centre in western Sydney.

ECQ XL will become the seed property for MA Financial’s newly established Large Format Retail Fund, which is targeting a portfolio worth more than $500 million.

MA Financial joint chief executive Julian Biggins said the group is approaching $5 billion in retail real estate assets across its funds following roughly $2 billion in transactions since its acquisition of IP Generation.

The company is backing the sector on expectations of continued population growth, resilient consumer spending and constrained new retail supply.

The Glen acquisition is also significant because large regional shopping centres in Melbourne rarely change hands. MA Financial co-head of core real estate Chris Lock said only three regional shopping centres had traded across Greater Melbourne during the past decade.

MA Financial confirmed the acquisition of its 50 per cent stake in The Glen on 17 September 2026.