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Centro sells half of its three largest shopping centres
Freehills and KWM have acted on the sale of a 50 per cent interest in three of Centro Retail Australia’s largest shopping centres to the Perron Group.
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Firms: Freehills (Centro Retail Australia), King & Wood Mallesons (Perron Investments)
Area: Real estate
Value: $690.4 million
Key players: Michael Back (pictured) led the Freehills team along with partners Martin McDonald, David Sinn and Rebecca Maslen-Stannage, and lawyers Tim Mathers, Tania Lalli, Julia Orbach and Jaime Taylor. The team worked closely with CRF’s in-house group general counsel Dimitri Kiriacoulacos, as well as senior counsels Jacqueline Jovanovski and Aaron Gant
Deal significance: This transaction is the largest commercial real estate transaction undertaken in Australia this financial year. The shopping centres involved in the transaction are The Glen Shopping Centre in Victoria, Colonnades Shopping Centre in South Australia and Galleria Morley Shopping Centre in Western Australia. CRF will retain the management and development rights for all three shopping centres. “This transaction will allow CRF to reduce debt and free up capital to further develop its existing portfolio of shopping centres, achieving one of the key strategic objectives of the CRF Board and new CEO Steven Sewell,” said Back. CRF was listed in December 2011 following the restructure of the Centro Properties Group and its managed funds and is a significant owner and manager of shopping centres in Australia.
