Deal: MinterEllison has advised Nuveen Global in selling its 75 per cent stake in Brisbane shopping centre.

Value: Undisclosed. 

Area: M&A

Key players: David McElhone, partner at MinterEllison led the transaction.

Deal significance: In a positive sign that COVID-19 restrictions are not adversely affecting the completion of deals, the sale of 75 per cent of Mt Ommaney Shopping Centre in Brisbane has successfully completed.

MinterEllison advised US-based investment manager, Nuveen Global on the sale to existing co-owner YFG Shopping Centres Pty Ltd as trustee for the Fu Family Trust for $285 million. 

The deal was negotiated in March 2020, just prior to the commencement of COVID-19 restrictions and settled on 12 May 2020. 

The Fu Family Trust family now owns 100 per can of the shopping centre.

Mr McElhone, who led the off-market transaction, said: “Despite the timing of the transaction, and the depressed state of the retail market, the transaction proceeded smoothly to settlement, resulting in a premium price and great outcome for our client.”

“The retail market has been severely impacted by coronavirus and it will face more challenges post-COVID-19. The transaction outcome reflects the quality of the asset anchored by premium non-discretionary retail tenants, including Coles, Woolworths, and ALDI.”