Two firms have advised on the acquisition of a 28,700-square-metre retail complex in Victoria by a global property investor.
Firms: Herbert Smith Freehills (M&G Real Estate Asia Pte Ltd); Watts Legal Consultants (Scentre)
Deal: M&G Real Estate Asia Pte Ltd has acquired Casey Central Shopping Centre from Scentre.
Value: $220 million
Key players: The legal team advising M&G Real Estate Asia was led by Herbert Smith Freehills partner David Sinn (pictured), with assistance from senior associate Emily Peverill, solicitor Stephanie McSwiney and graduate Amari Romero.
The legal team advising Scentre was led by Watts Legal Consultants owner Tom Watts.
Deal significance: The Casey Central Shopping Centre is a 28,700-square-metre retail complex located in Narre Warren, approximately 50 kilometres from Melbourne’s CBD.
The complex boasts more than 80 retail stores, including Coles, Woolworths, ALDI and Target.
Herbert Smith Freehills partner David Sinn said the sale was part of a trend that has seen sub-regional shopping centres increasingly being considered good investments.
“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.”
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