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Two firms act on deal by the water
K&L Gates and Corrs Chambers Westgarth have helped bring about the sale of Darling Harbour’s Harbourside Shopping Centre.
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Firms: K&L Gates (the vendors); Corrs Chambers Westgarth (Mirvac)
Area: M&A
Value: $252million
Key players: K&L Gates acted for the vendors, while Corrs Chambers Westgarth acted for Mirvac. The K&L Gates team was led by partners Rowan McDonald and Jodie Masson
Deal significance: The Stonebridge Capital Group brokered the sale on behalf of the shopping centre’s private owner, the developer John Beville. The well-known shopping centre at Sydney’s Darling Harbour was opened in 1988 and still has 75 years left on its 99-year lease from the Sydney Harbour Foreshore Authority.
“This is an exceedingly rare transaction for a prized Sydney location,” said McDonald (pictured). “The sale itself was complex due to it being executed as a share-and-unit sale rather than a property asset sale. The centre attracts over 14 million people a year and therefore it is unsurprising to have achieved a great result for our client.”
