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Herbert Smith Freehills Advises Federation Centres On Purchase Of Currambine Central Shopping Centre.

19 January, 2015

 

Herbert Smith Freehills has advised Federation Centres (FDC) on its AUD 74m purchase of Currambine Central shopping centre in Western Australia. The convenience shopping centre is located 30 kilometres to the north of Perth in Currambine and includes a Woolworths supermarket, a Dan Murphy’s liquor store, a Grand Cinemas complex and 44 specialty retailers.

 

FDC will also fund an expansion of the centre which is currently in the early stage of construction and will comprise the addition of a fresh food market anchored by a Farmer Jacks supermarket, six new specialty retailers and an expansion of the existing Grand Cinemas tenancy. The cost of the expansion, which is expected to be completed by mid-2015, is AUD 20m. The acquisition and expansion is expected to provide a yield of 7.0%.

 

The Herbert Smith Freehills team was led by real estate specialist partner David Hugo. David Hugo said, “We are very pleased to have supported Federation Centres with the latest addition of Currambine Central shopping centre to its portfolio, and it was a pleasure to work with the FDC team. The expansion of the centre provides an exciting opportunity for FDC and the community into the future.”

 

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