Herbert Smith Freehills (HSF) advised Vicinity Centres on the sale of 11 shopping centres for $631m.
The deal included the portfolio sale of 10 centres to SCA Property Group (SCP) for $573m. The ASX-listed REIT bought Bentons Square and The Gateway in Victoria; Lavington Square and West End Plaza in New South Wales; North Shore Village and Oxenford Village in Queensland; and Currambine Central, Kalamunda Central, Stirlings Central, and the Warnbro Centre in Western Australia.
Belmont Village in Victoria was snapped up by a private investor for $58m. The sales are part of Vicinity Centres’ $1bn non-core asset divestment program.
The portfolio sale to SCP presented a unique challenge because it was fast-tracked and completed in just three weeks. The quick timeframe highlights the depth and experience of the HSF team, the firm said.
The HSF team was led by partner David Sinn, who was supported by senior associates Emily Peverill and Kimberley Lean, as well as solicitor Stephanie McSwiney.
The deal shows the continued demand for retail assets in the Australian market, Sinn said.