Brookfield Multiplex Wins VicTrack Management Portfolio

Recently rebranded developer and fund manager Brookfield Multiplex and one of the biggest owners of real estate in the state, VicTrack (VRT), will work together for at least the next few years to manage and develop VRT's extensive property portfolio.

A VRT spokesman confirmed Brookfield Multiplex had won a tender to manage the 2000-lease portfolio, which includes land and buildings around roads, train and tram tracks, stations and bus depots. Until now, the portfolio had been controlled by traditional real estate agencies, including Colliers International, DTZ and Ray White, sources said.

One source described the decision as "proactive and progressive", saying VRT would benefit from access to building service specialists experienced in developing residential and commercial property.

One of VRT's biggest public-private partnerships is a 26-unit industrial park in Stubbs Street, Kensington, on land beside CityLink. Construction started in 2006.

With the advent of Melbourne 2030, which encourages development around transport nodes, VRT has become one of the most important property owners in Victoria.

A VRT spokesman said the Brookfield Multiplex appointment followed an internal review of VRT's metropolitan and rural commercial assets.

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