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11 shopping centres sold for $631m
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11 shopping centres sold for $631m

Shopping store

Herbert Smith Freehills has advised Vicinity Centres on the sale of 11 shopping centres, worth a total of $631 million.

Firm: Herbert Smith Freehills (Vicinity Centres)

Deal: Vicinity Centres has sold 10 shopping centres to SCA Property Group, and one additional shopping centre to a private investor.

Value: $631 million

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Area: M&A

Key players: Partner David Sinn led the Herbert Smith Freehills team. He was supported by senior associates Emily Peverill and Kimberley Lean, as well as solicitor Stephanie McSwiney.

Deal significance: “Settlement of nine of the shopping centres (Bentons Square and The Gateway in Victoria, Lavington Square and West End Plaza in NSW, North Shore Village and Oxenford Village in Queensland, Kalamunda Central, Stirlings Central and the Warnbro Centre in Western Australia) occurred on 10 October 2018. Settlement of Currambine Central in Western Australia occurred on 20 November 2018," a statement from Herbert Smith Freehills said.

HSF noted that the portfolio sale to SCA Property Group was in addition to the sale of Belmont Village to a private investor for A$58 million on 26 September 2018, bringing the aggregated sale price for the 11 assets to A$631 million.

“The transactions form part of Vicinity Centres’ A$1 billion non-core asset divestment program announced earlier this year," HSF said.

Mr Sinn added: “We were delighted to advise Vicinity Centres on its sale of these shopping centres,” Mr Sinn said. “It was an important transaction as part of Vicinity’s divestment program and demonstrates the continued demand for retail assets in the Australian market”.

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