Allens acts for GPT on A$100 million sale of shopping centre
4 June 2009
Allens Arthur Robinson (Allens) has acted for GPT RE Limited (GPT), one of Australia’s largest diversified listed property groups, in relation to the transaction for the sale of the Floreat Forum shopping centre to Australasian Property Investments Pty Limited, a private Perth property investment and development company.
The sale price for the shopping centre, based in the suburb of Floreat in Perth, is A$100 million, reflecting a yield of 8.25 per cent. The sale is conditional on GPT Wholesale Shopping Centre Fund waiving its right to acquire the shopping centre and council consent to assign agreements over council owned property within the shopping centre to the purchaser.
Allens brought together a team from Sydney and Perth – including lead Partner Nicholas Cowie, Senior Associates Emma Hodgson and Teresa Lusi and Perth Special Counsel Rosemary Martin – to help GPT through all stages of the negotiations of the transaction.
Allens and GPT share a long-standing relationship, with the firm recently advising GPT on a capital raising worth approximately A$1.7 billion.
'This transaction is one of the most significant direct real estate transactions in Australia this year and we were very pleased to be able to help GPT implement this component of their non-core asset sale strategy, which forms part of their broader capital management initiatives,' said Mr Cowie.
The completion of the sale of Floreat Forum shopping centre will bring GPT's total asset sales close to A$560 million over the last six months.
Ends
| Allens legal team | Nicholas Cowie (Partner – Sydney), Emma Hodgson (Senior Associate – Sydney), Teresa Lusi (Senior Associate), Rosemary Martin (Special Counsel – Perth) and Katrina Banh (Lawyer- Sydney) |
For further information, please contact:
- Jane FoleyCorporate Communications Coordinator,
Melbourne
Ph: +61 3 9613 8503
Jane.Foley@aar.com.au
Notes for editors.
Founded in 1822, Allens Arthur Robinson offers one of the most comprehensive legal networks in Australia and Asia with more than 1500 personnel based in 14 cities and eight countries across the region. Clients voted Allens Arthur Robinson the Best Professional Services Firm (revenue over $200 million) and Best Law Firm (revenue over $100 million) in the annual BRW Client Choice Awards 2005, 2006 and 2008. We have been an EOWA Employer of Choice for Women since 2004.
