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ISPT acquires 50 per cent stake in Brisbane’s Myer Centre

ISPT acquires 50 per cent stake in Brisbane’s Myer Centre

KWM and Holding Redlich have advised on the largest property transaction in Australia for 2012

Firms: King & Wood Mallesons (CFS Retail Property Trust), Holding Redlich (ISPT)

Deal: Sale of a 50 per cent stake in Brisbane’s Myer Centre

Area: M&A

Value: Under the deal, ISPT, one of Australia’s leading unlisted property funds, acquired the half interest for $366 million, 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

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

Deal significance: CFS Retail Property Trust is a retail-specific Australian Real Estate Investment Trust comprising of 29 retail assets with a total asset value of $8.7 billion. This 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.

 

 

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