Deal profile | Gadens advises Primewest on the acquisition of the Geelong Gate Homemaker Centre
5 August 2019
Gadens has advised Primewest on its acquisition of the Geelong Gate Homemaker Centre. The Homemaker Centre is the fifth asset in Primewest’s portfolio this year, and the fourth asset for the Primewest Diversified Income Trust No. 3.
Gadens acted in relation to the acquisition of the Homemaker Centre, which included undertaking due diligence in relation to the site and negotiating and settling the contract of sale for the acquisition.
Commenting on the acquisition, Gadens Partner Andrew Kennedy said “we have had a long and successful relationship with Primewest and we are delighted to be able to again partner with their acquisition team to secure another quality asset for their investors”.
The Geelong Gate Lifestyle Centre is the largest centre on the Princes Highway, in one of Melbourne’s growth corridors. It is a large format retail centre featuring blue chip national tenants including Freedom Furniture, Fantastic Furniture, Chemist Warehouse and BCF, and Primewest forecasts continued rental growth as leases roll over time.
Firms involved: Gadens (acted for Primewest), Madgwicks (acted for the vendor, Kervale Investments Pty Ltd) and HWL Ebsworth (acted for the incoming financier, Bankwest).
Deal value: $44.25 million
Deal area: Property, Construction & Planning
Key team members:
Gadens partner Andrew Kennedy (Property, Construction & Planning) led the team which included Rachel Yard (Lawyer).
Deal significance:
As a long standing client of Gadens, this latest acquisition for Primewest, has added to their Diversified Income Trust, so that it can continue to secure long term return on equity to its investors.
