Allens has advised the GPT Wholesale Shopping Centre Fund (GWSCF) on its $496 million dollar acquisition of a 50 per cent interest in the Northland Shopping Centre from the Canadian pension fund, CPPIB.
Northland Shopping Centre is a super-regional centre located approximately 11 kilometres north of the Melbourne CBD. It comprises approximately 300 speciality stores and is anchored by Myer, Kmart, Target, Coles, Woolworths and a 15-screen Hoyts cinema complex.
According to Partner Nicholas Cowie, who led the Allens' team on the transaction, the acquisition was part of an arrangement under which GWSCF sister fund, GPT Wholesale Office Fund, will – subject to the non-exercise of pre-emptive rights – also acquire four Commonwealth Property Office Fund office towers with a value of approximately $679 million.
The two transactions will potentially result in the GPT Group acquiring $1.2 billion worth of assets, which is a very significant steps towards meeting the GPT Group's targets for funds under management.
'This was a great transaction to work on, from binding MOU over the Christmas/New Year period, through compulsory acquisition of CPA by Dexus and CPPIB, due diligence and binding contracts, all delivered by Allens within the tight deadlines set by the vendor, CPPIB and GWSCF,' Mr Cowie said.
'The Allens' team is very pleased to have worked alongside GWSCF to reach such a successful outcome.'
Allens legal team
Nicholas Cowie (Partner, Real Estate – Sydney), Stuart McCulloch (Partner, M&A – Sydney), Alexandra Peace (Senior Associate – Melbourne), Eve Regnard (Senior Associate – Sydney), Jayne Fullerton (Senior Associate – Sydney), Chris Blane (Senior Associate – Sydney), Matt Topp (Senior Associate – Sydney), Isabelle O'Connor (Lawyer – Sydney)
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Notes for editors.
Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.