King & Wood Mallesons has added another high profile real estate deal to its strong record, acting on the GPT Group’s divestment of a 50 per cent interest in the Erina Fair shopping centre for approximately A$397.1 million.
King & Wood Mallesons advised Lend Lease Investment Management, which had the investment mandate on behalf of the purchaser. Following settlement in June 2013, the remaining 50 per cent stake in the shopping centre, located on the New South Wales Central Coast, will remain owned by Australian Prime Property Fund – Retail, a Lend Lease wholesale fund.
The King & Wood Mallesons team was led by partners Sue Kench, John Sullivan and Ken Astridge, who were supported by senior associates Roger Clarke and Natalie Kurdian.
Sue Kench said: “We are delighted to have acted once again for Lend Lease Investment Management on such a high profile matter. This deal reflects the continued appetite from investors for core commercial real estate assets in Australia.”
This deal is the latest in a series of commercial real estate transactions on which the firm has acted. Last week, King & Wood Mallesons advised GE Real Estate Investments Australia on its divestment of part of its office portfolio to Mirvac Group for approximately $548 million. The firm also recently advised Coles on its long-term strategic alliance with ISPT, whereby ISPT acquires a 75% interest in Coles’ 19-strong national shopping centre portfolio and the joint venture will develop and acquire additional centres.
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