HomeCo acquires Glenmore Park Town Centre
HWL Ebsworth had advised on the sale of Glenmore Park Town Centre.
Firms: HWL Ebsworth (Village Fair Shopping Centres).
Deal: HWL Ebsworth successfully advised private investment company Village Fair Shopping Centres on its contracted sale of the Glenmore Park Town Centre for $150 million to mall landlord and fund manager Home Consortium.
Value: $150 million.
Key players: The HWL Ebsworth team was led by Dennis Bluth (partner, Sydney) and included Maged Jebeile (special counsel), Tanya Le (special counsel), Glenda Kim (associate), Georgia Antonenas (solicitor) and Paul Tran (solicitor).
Deal significance: HomeCo Daily Needs REIT and Home Consortium (HomeCo) entered into a binding contract to acquire Glenmore Park Town Centre for $150 million and also agreed on terms to a contract to acquire a second Sydney metropolitan neighbourhood centre for total consideration of approximately $220 million.
Located near Penrith, Glenmore Park Town Centre is a modern shopping centre anchored by major tenants Woolworths, Coles, Aldi, as well as approximately 60 specialty retailers.
The two buildings of Glenmore Park Town Centre form a united shopping precinct, combined with a major park and carwash.
Glenmore Park has more than 40 per cent of gross income derived from supermarkets and a further 30 per cent derived from healthcare and wellness services. The land size is 45,859 square metres, with GLA set at 17,225 square metres.