Interest Associated with Besen Family Buys Olive Tree Shopping Centre, Lilydale

A deveopment company part-owned by shopping centre owner Daniel Besen is believed to have snapped up the Olive Tree Shopping Centre in Lilydale, in a deal worth close to $11 million.

Sources say boutique builder Fridcorp is in exclusive due dili-gence to buy the 3792 sq m shopping centre, from the Macquarie CountryWide Trust. The speculated sale price equates to a yield of just under 7%.

The move would be Fridcorp's first foray into retail property, after developing more than $500 million in luxury resi-dential projects in and around Melbourne.

Managing director Paul Frid-man, who founded Fridcorp in 1997 aged 21, told Capital Gain last year the company wanted to expand its portfolio to include office and retail assets.

Mr Fridman and CB Richard Ellis selling agent Mark Wizel declined to comment.

It's expected the boutique builder will redevelop and extend on part of the 10,053 sq m site.

Fridcorp is backed by venture capitalist Daniel Besen. It has been reported that Mr Besen, son of billionaire shopping centre owner, Marc, has been keen to boost his retail property interests since the family sold a half-share in the Highpoint Shopping Centre to GPT in 2006.

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