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Firm action on Fair sale
Allens and King & Wood Mallesons (KWM) have both worked on the sale by GPT Group of half its share in the Erina Fair shopping centre on the NSW Central Coast.
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Firm: Allens (GPT Group); King & Wood Mallesons (Lend Lease Investment Management - purchaser)
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Deal: GPT Group sells half its interest in Erina Fair shopping centre for more than $397 million
Area: Real estate
Value: $397.1 million
Key players: The KWM team was led by the newly-appointed Australian managing partner Sue Kench (pictured), John Sullivan and Ken Astridge, who were supported by senior associates Roger Clarke and Natalie Kurdian. Victoria Holthouse led the Allens team.
Deal significance: Erina Fair is the largest shopping centre on the NSW Central Coast and has been servicing the region since 1987. KWM advised Lend Lease Investment Management, which had the investment mandate on behalf of the purchaser. Following settlement in June 2013, the remaining 50 per cent stake in the shopping centre will remain owned by Australian Prime Property Fund – Retail, a Lend Lease wholesale fund. The sale allows GPT to realise the value of the asset and continue to progress its strategy to move to a more balanced weighting of its property portfolio. Allens’ lead partner Victoria Holthouse said: “We assisted GPT through all stages of the sale process and were delighted to act for them on this significant matter.” KWM’s lead partner Sue Kench said: “We are delighted to have acted once again for Lend Lease Investment Management on such a high-profile matter.
