- JY Group successfully settled the acquisition of a 50% stake in Westfield Whitford City for A$195 million.
- This acquisition also marks JY Group's first joint venture with Scentre Group, Australia's largest shopping centre group.
The acquisition marks a significant milestone for JY Group, bringing their total assets under management (AUM) to A$2.5 billion for the first time.
Westfield Whitford City is a high-performing shopping centre anchored by major retailers like Coles, Woolworths, ALDI, Kmart, and Big W, featuring an A$80 million redevelopment completed in 2017 that transformed it into a vibrant dining and entertainment hub with further upgrades in 2023.
Partner and Real Estate & Projects group leader John Wells led the team advising JY Group through this significant transaction which will strengthen JY Group’s position as a key player in the retail and mixed-use sector, enhancing their portfolio of high-quality assets across Australia. John was supported by partner Lee Wolveridge and lawyer Luke Buckthorpe. The financing aspect of the deal was managed by Finance partner Adam Jeffrey, who was supported by senior associate Dominic Ho and lawyer Jaco Moulder.
John commented: “We are pleased to have supported JY Group in this milestone acquisition. This deal not only expands their portfolio but also marks a significant step forward in their partnership with Scentre Group, strengthening their position in the Australian market. We appreciate the opportunity to support our client in their investment in an outstanding retail asset." Adam noted that "the team were particularly proud of the transaction and the outcome for JY Group."
