Property magnate John Gandel has put a 50 per cent stake in Melbourne’s $900 million Northland super regional shopping centre on the real estate market, according to a report by the Australian Financial Review.

The sale would free up capital for Mr Gandel to invest in the stagnant listed real estate investment trust (REIT) sector. Although Mr Gandel built his empire on shopping centres, the sale would help achieve his goal of diversifying his portfolio with non-shopping centre assets.

Mr Gandel is reportedly interested in capitalising on strong interest in direct property assets, while also putting himself in a position to invest in discounted listed properties, according to the newspaper.

Mr Gandel sold a series of assets and retained cash reserves ahead of the global financial crisis, which helped him grow his net worth to $3.03 billion in 2010 from $2.7 billion the year before, according to the BRW Rich List.