Perron lines up another Melbourne mall sale
Perron Group is selling a half-share in another Melbourne shopping centre.
The Perth-based group is speculated to be banking about $340 million for the interest in The Glen, at Glen Waverley.
MA Financial is understood to be the buyer.
That group last year took over Chris Lock’s IP Generation, with its significant retail portfolio.
The Glen
The Glen contains 76,488 square metres over two levels anchored by Aldi, Coles, David Jones, Target and Woolworths.
Mini-majors include Cotton On, H&M, JB Hi Fi, TK Maxx and Uniqlo.
All up there are 254 tenants
A June, 2025, valuation by co-owner, Vicinity, put it at $618m (or $309m per half-stake).
Occupancy was 100 per cent and the weighted average lease expiry was 4.8-years.
The complex draws 14.9 million visits a year from a 321,186-person trade area.
Annual moving turnover is $561.6m, equating to $8,640 per sqm across the centre and $9,393 per sqm for specialty stores.
There are also 3321 car parks.
Vicinity and Perron monetised the airspace – selling the development rights for $60m in 2017 to Golden Age Group which has since produced more than 500 apartments across three towers.
The Glen also underwent a $500m, five-stage redevelopment between 2017 and 2020, adding about 100 specialty stores, food and dining precincts and a revamped David Jones.
Glen Waverley is about 26 kilometres south-east of Melbourne’s CBD (continues below).
Ownership history
Perron acquired its 50pc interest in The Glen from Federation Centres in 2012, as part of a broader portfolio transaction.
Federation Centres inherited the centre from Centro, which acquired its first 50pc interest in 1994 for $37m before buying the balance from the Shell and BHP superannuation funds in 1999 for $81.5m through The Glen Property Trust.
Centro acquired the trust’s remaining interest in 2000, giving it full ownership, before subsequently restructuring as Federation Centres.
Vicinity Centres was formed through the 2015 merger of Federation Centres and Novion Property Group.
Perron sells another asset
Perron has remained family-controlled since founder Stan Perron died in 2018, with the business structured to support it and the Stan Perron Charitable Foundation
It has sold several major assets since 2024.
Last month it banked $190m for a half-share in Westfield Airport West.
JY Group was that buyer.
SCentre controls the balance of that asset on 16.2 hectares.
Last month Perron also sold the ex-Reader’s Digest headquarters in Sydney’s Ultimo – co-held with Mirvac.
CBRE’s Simon Rooney marketed The Glen.
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