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Nuveen Global sells 75% stake in Brisbane shopping centre
MinterEllison has advised Nuveen Global in selling its 75 per cent stake in a Brisbane shopping centre.
Tony Zhang
Firms: MinterEllison (Nuveen Global).
Value: Undisclosed.
Area: M&A
Key players: David McElhone, partner at MinterEllison led the transaction.
Deal significance: In a positive sign that COVID-19 restrictions are not adversely affecting the completion of deals, the sale of 75 per cent of Mt Ommaney Shopping Centre in Brisbane has successfully completed.
MinterEllison advised US-based investment manager, Nuveen Global on the sale to existing co-owner YFG Shopping Centres Pty Ltd as trustee for the Fu Family Trust for $285 million.
The deal was negotiated in March 2020, just prior to the commencement of COVID-19 restrictions and settled on 12 May 2020.
The Fu Family Trust family now owns 100 per can of the shopping centre.
Mr McElhone, who led the off-market transaction, said: “Despite the timing of the transaction, and the depressed state of the retail market, the transaction proceeded smoothly to settlement, resulting in a premium price and great outcome for our client.”
“The retail market has been severely impacted by coronavirus and it will face more challenges post-COVID-19. The transaction outcome reflects the quality of the asset anchored by premium non-discretionary retail tenants, including Coles, Woolworths, and ALDI.”
