The transaction’s outcome is “a positive sign that COVID-19 restrictions are not adversely affecting the completion of deals,” the firm says
MinterEllison has assisted in the successful sale of Nuveen Global’s 75% stake in the Mt Ommaney Shopping Centre for $285m.
Co-owner YFG Shopping Centres Pty Ltd was at the other end of the deal. With this purchase, YFG secures full ownership of the shopping centre for the Fu Family Trust, being a trustee.
The parties first negotiated the sale in March, just before COVID-19 restrictions were imposed. The transaction was settled on 12 May.
“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,” said MinterEllison partner David McElhone.
The firm said the completion of the sale is “a positive sign that COVID-19 restrictions are not adversely affecting the completion of deals.”
“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,” McElhone said.
McElhone led the firm’s team on the transaction.
The success of this deal is another feather in MinterEllison’s cap when it comes to advising on big sales. Recently, the firm acted for Urbanest in the biggest property deal of 2019 by phone.
Moreover, the firm has been aiding clients on capital raisings in the midst of the COVID-19 pandemic.