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Shop till you drop

Kerry Heilbronn

A fund manager has been advised on the sale of two large retail centres in Sydney.

Firms: Herbert Smith Freehills (LaSalle Funds Management); DLA Piper (Aventus Retail Property)

Deal: LaSalle Funds Management (LaSalle) sold Home Hub Castle Hill and Home Hub Marsden Park to Aventus Retail Property (Aventus).

Value: $436 million


Area: M&A

Key players: Herbert Smith Freehills partner Kerry Heilbronn (pictured) and consultant David Stitt led the team advising LaSalle, with assistance from senior associate Anna Williams.

Deal significance: LaSalle sold the two major Sydney retail centres to Aventus Property, fetching $336 million for the Castle Hill complex and $100 million for Marsden Park.

The sale of the centres represented a weighted average capitalisation of 5.6 per cent and reflects continued confidence in large-format retailing in the Sydney market, according to a statement from HSF.

“We have had long-term involvement with these assets and are delighted to have played a role in assisting LaSalle to execute this landmark transaction,” said lead partner Kerry Heilbronn.

“It is exciting to see continued movement in the large-format retail sector. The location and size of the transactions reflect growing activity in this market.”

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