The $206m deal is a Singapore-listed REIT’s first acquisition in Australia
MinterEllison has advised as a Singapore-listed property investor expands its portfolio in Australia and the Asia-Pacific region.
The top firm acted for SPH REIT Management and Moelis Australia Asset Management on their joint-venture acquisition of the Figtree Grove Shopping Centre in New South Wales. The joint venture, split 85:15 between SPH REIT and Moelis Australia, purchased the established sub-regional shopping centre in Illawara for $206m.
Figtree Grove is the first Australian acquisition for SPH REIT, which aims to diversify its portfolio in Asia and Australia.
MinterEllison said that it assisted SPH and Moelis Australia on all legal aspects of the acquisition, including forming the Australian transaction structure and the joint venture, as well as advising on the sale agreement. The firm is still acting on the Foreign Investment Review Board analysis, application, and approval.
The MinterEllison corporate team was led by partners David Inglis, Tony Dhar, special counsel John O'Connell, and senior associate Kate Koidl. They were supported by partners David McElhone and David Moore, special counsel Kathleen Ng and James Hamblin, senior associates Mellissa Lai and Benjamin Wu, associates Sarah Soon and Ashlee Zileski, as well as lawyers Samantha Currie, Patrick McCabe, and Daniel Fahey.