Nick Andrianakos has further ventured into shopping centres, purchasing a 50 per cent stake in a Melbourne mall for $134.5 million from ASX-listed Vicinity Centres.
The move follows Andrianakos’ successful entry into the sector last year with a $138.2 million investment in Adelaide’s Colonnades centre according to the Australian Financial Review (AFR).
The mall, known as Broadmeadows Central, boasts key anchor tenants including Kmart, Aldi, Coles, and Woolworths. The strategic acquisition, situated in an area familiar to Andrianakos, strengthens his relationship with Vicinity Centres, as the company co-owns and manages both the Melbourne and Adelaide malls.
“Our business originated in the north of Melbourne, and we currently own seven service stations within a 7-kilometre radius of the shopping centre,” Andrianakos stated.
“Having a deep understanding of the local community, we look forward to collaborating with Vicinity to unlock the property’s full potential.”
Well known in the Greek community, not just by his wealth estimated to be $1.49 billion according to the AFR, but for his contributions back to the community, Andrianakos began his journey by purchasing his first service station half a century ago, ultimately building a chain of 54 sites.
In 2016, he sold the business to Caltex for $95 million while retaining the freehold land on 30-year leases. These properties now contribute to the expanding commercial property portfolio of the family’s Nikos Property Group.
Andrianakos’ son, Theo, who leads Nikos Property Group, expressed satisfaction with the partnership, highlighting the alignment of philosophies with Vicinity. The collaboration aims to enhance the centres’ value through proactive management and feasible development opportunities.
With Andrianakos’ latest investment, his expanding shopping centre portfolio underscores his commitment to the industry and the potential for further growth in the future.