Allens has advised the Queensland Investment Corporation (QIC) Real Estate team and QIC's inhouse legal team on QIC's circa $900 million sale of Westpoint Shopping Centre in Blacktown, New South Wales, the largest individual retail asset transaction in Australian history.
Australian property investor Haben and US investment manager Hines have partnered to acquire the shopping centre and neighbouring Kmart centre.
At the time of opening in 1973, the complex was one of the biggest in Sydney's west and now features approximately 104,000 square metres of core retail space, 270 retail stores, co-working facilities and 4378 parking spaces. QIC held the asset for 34 years.
'It was fantastic to work with the QIC team on this sale, which enabled QIC to realise value for its clients at the perfect time. It demonstrates there is demand for well-managed retail assets in strategic locations like Westpoint,' said lead partner John Beckinsale.
