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Cross-border real estate transaction settled

Cross-border real estate transaction settled

Kerry Heilbronn, Herbert Smith Freehills

A global firm’s Brisbane-based property team has advised QIC on the sale of its interest in a UK shopping centre.

Firms: Herbert Smith Freehills and Hogan Lovells (QIC International Property Fund); Macfarlanes (intu Properties)

Deal: QIC sold its 50 per cent interest in intu Merry Hill Shopping Centre to intu Properties.

Value: $795 million

Area: M&A

Key players: Herbert Smith Freehills’ Brisbane property team worked on the transaction in both Australia and the UK. They were led by partner Kerry Heilbronn (pictured), who was supported by consultant David Stitt and senior associate Alanna Bolger.

Deal significance: The QIC International Property Fund and its direct and indirect subsidiaries (QIC) sold its 50 per cent interest in UK shopping centre intu Merry Hill to intu Properties for $795 million.

Located near Birmingham in the West Midlands, intu Merry Hill Shopping Centre spans 229 acres and approximately 1.3 million square feet of retail space.

The transaction involved the sale of QIC’s units in seven Jersey unit trusts, the shares in the UK incorporated general partners of seven limited partnerships and 100 per cent of the shares in a separate UK parking structure.

Inter-company debt was also discharged as part of the transaction, which settled on 22 June.

“This was a complex transaction involving negotiations across four jurisdictions – England, Ireland, Jersey and Australia,” Mr Heilbronn said.

“We successfully co-ordinated all aspects of the disposal including vendor due diligence and operation of the online data room, negotiation of the transaction documents and co-ordination of other advisers and officers.”

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