Real estate mogul John Gandel will sell his 50 percent stake in shopping center Northland to increase his exposure to sharemarket listed real estate companies.

The Melbourne shopping center is worth a total of $910 million and is located 11 kilometers north of Melbourne's business district. The mall is the largest single-level shopping center in Melbourne.

Simon Rooney of Jones Lang LaSalle said the Gandel Group wants to diversify its holdings and invest in the counrty's real estate investment trusts that maintain attractive prices.

Gandel is an Australian businessman that grew his fortune through the real estate industry, ranking #647 in Forbes's "The World's Richest People" list in 2009.

Among his top shopping center holdings, Gandel also owns stakes in listed property companies including CFS Retail Trust worth about $800 million and property group Charter Hall which invests in property trusts and commercial property projects.

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