MinterEllison Assists Nuveen in $285m Sale of Brisbane Shopping Centre
May, 2020 - Australia
| In a positive sign that COVID-19 restrictions are not adversely affecting the completion of deals, the sale of 75% 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% of the shopping centre. David McElhone, Partner at MinterEllison, 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," he added. David McElhone was assisted by his colleagues Adrian Rich (Partner), Euon Williams (Senior Associate), Ruth Sainsbury (Associate) and lawyers Sarah Morrison and Amanda King. |
