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Regional shopping centres change hands

Regional shopping centres change hands

julie.couch

Two firms have advised on the $100 million sale of two large shopping centres.

Firms: Herbert Smith Freehills (Federation Centres); Allens (ANZ)

Deal: Federation Centres has sold two NSW shopping centres.

Value: $100 million

Area: M&A

Key players: Sydney-based partner Julie Couch (pictured) led the HSF team, supported by senior associate Lindsay Sheather and licensed conveyancer Suzanne Telfer. Solicitor Ravi Arora from HSF’s Melbourne office also advised in relation to the release of securities.

Deal significance: According to a release by HSF, both centres – Goulburn Plaza in Goulburn and Westside Plaza in Broken Hill – involved the sale of fully tenanted shopping centres, as well as adjacent vacant land at Westside Plaza.

Westside Plaza is the dominant centre in the region, with major retailers Big W and Woolworths, four mini-majors and 20 speciality shops across the 6.54-hectare site, which has future development potential. It was acquired by Sentinel Property Group.

Charter Hall purchased Goulburn Plaza where Coles and Kmart are the major retailers, along with 45 speciality stores across the 2.5-hectare site.

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