Global law firm K&L Gates has acted as counsel for a private investment group in its AU$23 million acquisition of the Tanilba Bay Shopping Centre, located in New South Wales, from Real Asset Management (RAM) Group of Companies.
The shopping centre, a 3,841-square-metre modern retail hub located in Tanilba Bay in the growing Port Stephens local government area, provides essential retail and service options to the local community. This acquisition reflects confidence in the region’s growth potential and marks the beginning of a new chapter for both the shopping centre and the surrounding area. As the centre evolves, it will continue to serve as a cornerstone of the community, creating jobs, fostering economic growth, and strengthening local ties.
In June 2017, RAM acquired the Tanilba Bay Shopping Centre, along with two other centres, for a total of AU$44.5 million. At that time, the Tanilba Bay Shopping Centre was valued at AU$14.8 million.
The K&L Gates team advising on the deal was led by Sydney-based Real Estate partner Samuel Brown with support from lawyers Reilly King and Prudence Birchall.
Brown described the deal as “one of the few high-value, high-quality retail asset transactions available.” Commenting further, he said: “Investing in the Tanilba Bay Shopping Centre demonstrates our clients’ confidence in the future of Port Stephens, driven by its growing demand for local retail and services. This strategic move represents a long-term investment that will provide steady income while offering future development opportunities. It was a pleasure to work with our client on this deal, which also benefits the local community.”
Lawyers in K&L Gates’ large, diversified Real Estate practice advise clients in a variety of real estate investment, land use, planning and zoning, development and construction, financing, leasing, tax, and litigation matters around the world.