NRF acts in sale of Melbourne shopping centre

Dealmakers based in Melbourne and Brisbane seal the deal

NRF acts in sale of Melbourne shopping centre

Norton Rose Fulbright (NRF) has confirmed that it acted for 151 Property in the sale of Brimbank Shopping Centre.

Located in Melbourne’s North West metropolitan area, the sub-regional shopping centre has a gross leasable area of 37,576sqm. It is anchored by Coles, Woolworths, Target and Aldi, NRF said.

Although the details of the divestment were not disclosed, reports say that Malaysian real estate company Mulpha acquired the shopping centre for $150m.

Blackstone acquired the property in 2016 in a $613.3m package that included Clifford Gardens Shopping Centre in Toowoomba and Forest Hill Chase Shopping Centre in Melbourne. 151 Property is a portfolio company owned by funds advised or managed by Blackstone.

NRF said that it fielded Melbourne- and Brisbane-based real estate experts to work on the deal. The group was headed by partner Adrian Jones and Will Webster, who were supported by partner Marshall Bromwich, senior associate Jacqueline Dowling, and associates James Lainas, Kasey Solar, and Ellen Whittred.

The NRF team advised on all aspects of the transaction, including on negotiation, structuring, vendor due diligence, and the completion of the sale on 23 December.

“This transaction caps off a highly successful year for our national real estate team, and shows the continued strength and investor confidence in prime retail real estate,” Webster said.

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