IFM Investors Announces the Acquisition of $300 Million Shopping Centre Portfolio

Industry-superannuation funds owned global institutional investor and asset manager IFM Investors has announced the acquisition of a shopping centre portfolio to be developed and built by Australian-owned Oreana with an end value of approximately $300 million, as it seeks to harness a surge in convenience-based shopping.

The purchase of four sites in Melbourne’s growth suburbs comprise Botanical Village in Mickleham, Deanside Central in Deanside, Riverwalk Town Centre in Werribee and Eynesbury Village near Melton. The portfolio transaction was introduced and managed by Fawkner Property Group. Justin Dowers from Stonebridge Property Group represented Oreana.

It is the first transaction as part of a strategic partnership between IFM, Fawkner Property and Oreana. An integrated developer-builder, Oreana has five centres currently in construction across Melbourne.

IFM Investors’ Executive Director of Funds Management Kate Mathewson said the transaction signalled long-term institutional confidence in high-growth suburban retail. By targeting high-quality assets in key growth corridors, IFM is growing its presence in the retail sector, with ownership of over 50 convenience retail shopping centres across Australia.

“The future of retail growth sits with local and neighbourhood centres in high-growth areas. The ones that succeed will prioritise walkability, convenience, community connection and complementary non-retail uses that bring people together,” she said.

“This is an asset class that is resilient, essential and we believe, positioned to help us deliver for our clients and the millions of working people they represent. With retail spending projected to reach $619.8 million by 2041 in Melbourne’s expanding northern suburbs, local shopping offers a strong proposition to institutional investors.”

The deal comes as Botanical Village in Mickleham reaches completion and will be opening later this month. The centre spans 7,400 square metres (sqm) of Gross Lettable Area (GLA), anchored by a Coles and 25 specialty stores co-located with an Aspire Early Learning C Kindergarten. The three other assets remain under construction to be delivered over the next 18 months.

Deanside Central will be the first local shopping centre in Deanside, a growing suburb located between Rockbank and Caroline Springs. The site offers 8,200 sqm GLA, while Riverwalk spans 6,400 sqm GLA. Oreana acquired the 6,700 sqm GLA Eynesbury Village from Resimax Group in July 2025 as part of a deal spanning four stages of the community in Melbourne’s west.

Fawkner Property is a specialised retail fund manager. The group’s Executive Director, Patch Garnaut said “we are delighted to expand our ongoing relationship with both Oreana and IFM, to which we have now partnered or managed the acquisition of 8 neighbourhood shopping centres over the last two years”.

Oreana Managing Director Tony Sass said each site represented Oreana’s successful model of developing

and building convenience retail co-located with childcare in new communities, providing one-stop-shop benefits.

“Oreana’s retail model is about more than just delivering a place to shop – it’s about creating a central hub in new communities where daily life is easier and more connected,” he said.

“Developments like these purchased by IFM, play a vital role in building and uniting greenfield communities, offering residents a shared space to meet, connect and truly feel at home in their growing neighbourhood.

“The sale of these assets reflects the resilience and growth in demand for local shopping post-COVID, and the unique strength of Oreana’s integrated model that delivers high-quality retail fast and with little fuss.”