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This week 10 years ago - Coles Myer shakes off Galleria

COLES Myer has sold its half interest in Perth’s Galleria Shopping Centre to Westfield Trust in a $289 million deal signed this week, ten years ago. Westfield signed the contract with joint vendors Coles Myer and Colonial Mutual, on a tight yield of 7.5 per cent. The 66,000 square metre centre comprises a Myer department store, Kmart, Target, Coles and Woolworths supermarkets, Greater Union cinema multiplex, plus another 180 specialty stores. The purchase will boost Westfield’s assets to $3.6 billion, including interests in 26 shopping centres.

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