Mirvac’s new CEO Campbell Hanan may be looking to sell off the investment trust’s $2.6 billion retail property portfolio.

Hanan was previously Mirvac’s head of commercial property, and will take over as chief executive in March.

The Australian reports that Hanan has been testing the waters with investors about a possible sale of retail property, despite the department store sector bouncing back in a bad way after COVID-enforced closures.

Mirvac holds $8.4 billion in real estate, with its 14 shopping malls making up $2.57 billion of that, or just over 30 per cent.

Of these, The Orion Springfield Central in Queensland (pictured above) is valued at $467 million, Birkenhead Point Brand Outlet mall in Drummoyne is worth $402 million, and Mirvac’s 50 per cent ownership of Sydney’s Broadway shopping centre is valued at $368 million.

Mirvac recently sold Sydney’s Cherrybrook Village shopping centre for $132.8 million.

Another option for Mirvac could be spinning its shopping centre portfolio into a separate fund, much like real estate rivals Dexus and Lendlease.