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11 shopping centres sold for $631m
Herbert Smith Freehills has advised Vicinity Centres on the sale of 11 shopping centres, worth a total of $631 million.
Emma Musgrave
Firm: Herbert Smith Freehills (Vicinity Centres)
Value: $631 million
Area: M&A
Key players: Partner David Sinn led the Herbert Smith Freehills team. He was supported by senior associates Emily Peverill and Kimberley Lean, as well as solicitor Stephanie McSwiney.
Deal significance: “Settlement of nine of the shopping centres (Bentons Square and The Gateway in Victoria, Lavington Square and West End Plaza in NSW, North Shore Village and Oxenford Village in Queensland, Kalamunda Central, Stirlings Central and the Warnbro Centre in Western Australia) occurred on 10 October 2018. Settlement of Currambine Central in Western Australia occurred on 20 November 2018," a statement from Herbert Smith Freehills said.
HSF noted that the portfolio sale to SCA Property Group was in addition to the sale of Belmont Village to a private investor for A$58 million on 26 September 2018, bringing the aggregated sale price for the 11 assets to A$631 million.
“The transactions form part of Vicinity Centres’ A$1 billion non-core asset divestment program announced earlier this year," HSF said.
Mr Sinn added: “We were delighted to advise Vicinity Centres on its sale of these shopping centres,” Mr Sinn said. “It was an important transaction as part of Vicinity’s divestment program and demonstrates the continued demand for retail assets in the Australian market”.
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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