Pair of firms act on shopping centre deal

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Allens and King and Wood Mallesons have completed a $496 million deal involving a shopping centre in Melbourne’s northern suburbs.

The GPT Wholesale Shopping Centre Fund (GWSCF) made a $496 million dollar acquisition of a 50% interest in the Northland Shopping Centre from the Canadian pension fund CPPIB.

Allens, led by partners Nicholas Cowie and Stuart McCulloch, advised GWSCF.

King and Wood Mallesons, led by partner Mark Bayliss, advised CPPIB.

According to Cowie, the acquisition was part of an arrangement under which GWSCF sister fund, GPT Wholesale Office Fund, will also acquire four Commonwealth Property Office Fund office towers with a value of approximately $679 million.

Northland Shopping Centre is located approximately 11km north of the Melbourne CBD and comprises approximately 300 speciality stores along with supermarkets and a cinema.
The two transactions will potentially result in the GPT Group acquiring $1.2 billion worth of assets, which is a significant step towards meeting the GPT Group's targets for funds under management.

This recent deal follows an uptake in retail and commercial property sector activity following the $22 billion debt financing of shopping centre giant Westfield.