LaSalle Seeks Up to A$500 Million for Aussie Hotel, Retail Hub

LaSalle Investment Management Inc. is seeking as much as A$500 million ($386 million) for a hotel and retail complex in Melbourne, Australia’s second-biggest city.

Buyers can either bid for both the Novotel Melbourne and St Collins Lane retail complex or for each individually, according to a statement from Jones Lang LaSalle Inc., which is selling the properties. Submissions are due by June 2.

Major shopping centers are “a highly sought after retail asset class at present, given their high sales productivity, ability to provide solid long-term and sustainable income growth and tightly held nature,” JLL’s head of retail investment, Simon Rooney, said in the statement.

The Novotel Melbourne contains 380 guest rooms and the St Collins Lane retail property will offer more than 60 stores across four floors and more than 9,000 square meters (97,000 square feet), according to the statement.

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