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Aus legal teams advise on $8.7m property deal

Aus legal teams advise on $8.7m property deal

King & Wood Mallesons and Holding Redlich have advised on Australia's largest property transaction of the year so far.

King & Wood Mallesons and Holding Redlich have advised on Australia's largest property transaction of the year so far.

King & Wood Mallesons acted for CFS Retail Property Trust on the deal, which involved the sale of a 50 per cent stake in Brisbane’s Myer Centre.

Holding Redlich represented ISPT and the Colonial legal team represented the property manager.

CFS Retail Property Trust is a retail-specific Australian Real Estate Investment Trust of 29 retail assets worth $8.7 billion.

Under the deal, ISPT acquired the half interest for $366m, reflecting a capitalisation rate of 6.5 per cent. CFS Retail Property Trust will use the proceeds of the sale to fund a range of capital management and investment activities, including an on-market buy-back of up to $150 million of its units.

King & Wood Mallesons advised CFS Retail Property Trust in relation to the sale of the half interest and co-ownership arrangements.  It is the first major joint venture between ISPT and CFS Retail Property Trust. The CFS Retail Property Trust will retain a 50 per cent stake in the centre and Colonial’s property management arm will continue to manage the centre. 

The King & Wood Mallesons team was led by real estate partner Andrew Erikson, who was supported by senior associate Emily Collin. 

Erikson said the deal supports the client's active capital management program.

 

 

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