find the latest legal job
Senior Associate - Litigation & Dispute Resolution
Category: Litigation and Dispute Resolution | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Come work for a firm ranked in Lawyers Weekly Top 25 Attraction Firms
View details
Associate - Workplace Relations & Safety
Category: Industrial Relations and Employment Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Employer of choice · Strong team culture
View details
Freelance Lawyers
Category: Banking and Finance Law | Location: All Perth WA
· Freelance opportunities through Vario from Pinsent Masons
View details
Freelance Lawyers
Category: Other | Location: All Adelaide SA
· • Qualified lawyer with a strong academic background
View details
Freelance Lawyers
Category: Other | Location: All Melbourne VIC
· • Qualified lawyer with a strong academic background
View details


Clayton Utz and Maddocks have advised Centro Retail Limited and Centro Retail Trust (CER) on the restructure of Centro Group.The complex restructure was approved by the Supreme Court of NSW on 1…

Clayton Utz and Maddocks have advised Centro Retail Limited and Centro Retail Trust (CER) on the restructure of Centro Group.

The complex restructure was approved by the Supreme Court of NSW on 1 December last week.

It will result in the creation of a new ASX-listed quadruple stapled entity, Centro Retail Australia, by the aggregation of the assets of CER, Centro Australia Wholesale Fund and Centro DPF Holding Trust (a subsidiary of Centro Direct Property Fund).

Centro Retail Australia will be internally managed and will own or manage approximately $7 billion of retail shopping centres across Australia, with a $4.4 billion portfolio of direct property investments, and up to $2.6 billion of assets under management via the ownership of one of the largest unlisted property syndicate businesses in Australia.

The Clayton Utz team acting on the transaction was represented across the firms Melbourne and Sydney offices. Corporate group partners Brendan Groves and John Moutsopoulos, senior associates Courtney Dixon and Erik Setio, and senior lawyer Warrick Louey led on the transaction. Litigation partner Fred Prickett and senior associate Xuelin Teo also advised on litigation aspects.

On implementation of the restructure, approximately 74 per cent of the securities of Centro Retail Australia will be transferred to the senior lenders to Centro Properties Group (CNP), in consideration for the cancellation of approximately $2.9 billion of debt. These debts would otherwise have fallen due in mid December this year.

In early March this year CER announced that it had entered into discussions with CNP, CNP's Senior Lenders and other Centro managed funds to agree the terms of an amalgamation of their respective portfolios.

In August the parties announced the execution of an implementation agreement, and on 22 November, all of the various stakeholder groups approved the aggregation and debt cancellation.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Oct 20 2017
Podcast: One of law’s most infamous alumni – in conversation with Julian Morrow
In this episode of The Lawyers Weekly Show, Melissa Coade is joined by The Chaser’s Julian Morrow....
Oct 20 2017
High Court overturns ‘excessive’ anti-protest legislation
Bob Brown’s recent victory in the High Court over the Tasmanian government was a win for fundament...
Oct 20 2017
Changes to Australian citizenship laws blocked
Attempts to beef up the requirements to obtain Australian citizenship were thwarted this week, after...
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...