Herbert Smith Freehills has advised Federation Centres and Retail Direct Property on the sale of a 50% interest in six shopping centres throughout Australia to trusts managed by the Challenger Group (Purchaser) for a consideration of $602 million.
Under the agreements, the Purchaser will acquire a 50% stake in shopping centres at Roselands, Bankstown, Toormina and Lennox (NSW), Sunshine Marketplace (Vic) and Karratha (WA). Federation Centres will retain a 50% stake in the assets and continue to deliver property management and development management services after completion.
This is Federation Centres’ third major capital partnership transaction in the previous 12 months. In 2012, Herbert Smith Freehills advised Federation Centres on the sale of a 50% interest in three shopping centres to the Perron Group for $690.4 million, and earlier this year Herbert Smith Freehills advised Federation Centres on the sale of a 50% interest in five shopping centres to ISPT for $371.4 million.
The Herbert Smith Freehills team was led by Michael Back and included Rebecca Maslen-Stannage, Partner, Senior Associates Tim Mathers, Emily Peverill and Shaun McNaught and solicitors Jaime Taylor, Shona Seaton and Nick Lazarou.
Herbert Smith Freehills partner Michael Back said: ‘We are delighted to have been able to assist Federation Centres on this landmark transaction. Federation Centres has developed a capital partnerships model for its business that unlocks value from its existing assets, while positioning Federation Centres for further growth during the next phase of the economic cycle. These are exciting times for Federation Centres and we are glad to be able to contribute to its ongoing success.’
Related Posts:
- None Found