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JPMorgan to sell Melbourne CBD mall at bargain basement price – Commercial Real Estate News
JP Morgan Asset Management paid $247 million for the multi-level Collins Street mall, but could offload it for less than half that.
JP Morgan is set to sell its troubled St Collins Lane mall in the Melbourne CBD for less than half what it paid for it in 2016, in a deal which will reverberate across the retail property sector.
The Australian Financial Review understands a buyer – believed to be a local fund manager backed by offshore capital – is in due diligence to buy the 9000-square-metre mall for around $120 million.
Selling agent Simon Rooney from CBRE declined to comment.
JP Morgan Asset Management paid $247 million …
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