IP Generation, an investor and boutique fund manager of commercial real estate has announced industry veteran Greg Miles as a new Director and co-owner of the private company.
The former Scentre Group executive has decades of property experience as IP Generation looks to grow its business with a retail investment focus. Greg Miles spent 23 years with Westfield and Scentre Group, including leading the US business for four years and Chief Operating Officer for nearly five years with the Group, responsible for overseeing the largest retail portfolio in Australia.
The private company has been set up by Chris Lock and the company manages more than $400 million of assets across a mix of office, development and retail property on behalf of investors. Lock is a seasoned fund manager and was the recipient of the 2017 Business and Economics Rising Star for Young Alumni Award.
At the end of 2019 the investment company acquired Victoria’s Corio Village from Vicinity Centres in a deal that saw the centre bought at $101.0 million with a passing yield of 9.4%. The centre near Geelong provided the group with a sub-regional centre securely anchored by Coles in a trade area with a growing population.
This year the syndicate acquired Mildura Central for $81.1 million in South Australia. Mildura Central is anchored by a Target discount department store and strong performing Woolworths supermarket. The Centre has development potential and sits on a 7.35 hectare site in a key retail precinct of Mildura.