WA this week 10 years ago - Coles buys into Maylands

COLES Myer bid heavily this week 10 years ago in two separate auctions in Perth and Sydney to make a strategic reinvestment in the Arana Hills Properties portfolio, a trust in which Coles holds a 65 per cent stake. A decision to wind up the trust saw all seven properties including four shopping centres and three supermarkets listed for auction through Knight Frank’s national shopping centre investment division. Maylands Supermarket, a freestanding site of 1,800 square metres, was the first to go under the hammer and sold for $1.31 million.

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