Herbert Smith Freehills has advised M&G Real Estate Asia PTE on the acquisition of Casey Central Shopping Centre, a 28,700sqm retail complex south east of Melbourne.
M&G Real Estate Asia PTE, one of the world’s largest property investors with a 25 per cent stake in Westfield Doncaster, purchased the shopping centre from the Scentre Group for an estimated A$220 million.
Boasting more than 80 retail stores, including Coles, Woolworths, ALDI and Target, Casey Central Shopping Centre services Melbourne’s south-eastern corridor and is located in Narre Warren, about 50km from Melbourne’s CBD.
The Herbert Smith Freehills team was led by David Sinn, supported by senior associate Emily Peverill, solicitor Stephanie McSwiney and graduate Amari Romero.
Mr Sinn said the sale was part of a trend that has seen sub-regional shopping centres increasingly being considered as a good investment.
“We were delighted to advise M&G on the transaction which was one of the most significant sub-regional shopping centre sales for 2016,” Mr Sinn said.
“The past 12 months have seen investors take a renewed interest in shopping centres located in growing outer suburbs where population growth is fuelling demand for convenient, one-stop retail centres. These centres are often a reliable investment with the potential for sustained growth in the future.”
The deal is another example of Herbert Smith Freehills’ market-leading work in the Real Estate sector. Other examples include:
· advising Growthpoint Properties Australia on the sale of an industry property portfolio for $142.2 million to Singapore-listed Mapletree Logistics Trust;
· advising Coles on the sale of Coburg North village in Melbourne’s inner north; and
· advising Mirvac on securing Deloitte as its anchor tenant at Mirvac’s redevelopment of Olderfleet Place at 477 Collins Street Melbourne.