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Allens advises on shopping centre purchase

Allens advises on shopping centre purchase

Allens has advised a Charter Hall-managed wholesale entity on its $164 million acquisition of the Bay Village Shopping Centre in New South Wales.

Firms: Allens (Charter Hall)

Deal: Acquisition of the Bay Village Shopping Centre

Area: Property

Value: $164 million

Key players:  Allens’ legal team included partners Nicholas Cowie and Stuart McCulloch (pictured), senior associates Alexandra Peace, Teresa Lusi, Veronica Siow and Evan Bendelstein, and paralegal Hilda Lowe

Deal significance: Allens advised Charter Hall on the trust’s establishment and investment, development and property management arrangements. The 29,162 square metre modern sub-regional shopping centre is located 90 kilometres north of Sydney, in the coastal town of Bateau Bay.

According to partner Nicholas Cowie, who led the Allens team on the transaction, the property will be held within a newly-established, unlisted wholesale trust. “The trust, known as RP2, is owned by one of Charter Hall's high-quality global institutional partners, who hold an 80 per cent interest, with the remaining 20 per cent equity held by the Charter Hall Property Trust co-investment portfolio,” Cowie said.

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