17/05/2012 - 13:17

Perron Group takes half stake in Galleria

17/05/2012 - 13:17

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Perron Group takes half stake in Galleria

Shopping centre owner Perron Group has added to its bulging portfolio, snapping up 50 per cent stakes in Morley Galleria, The Glen in Melbourne and Colonnades in Adelaide from Centro Retail Australia for $690.4 million.

Perron announced today it had signed unconditional agreements to acquire the half-stake in the three centres, with the transaction expected to be completed and settled by June 30.

Going forward, Centro will provide propeorty management, development and leasing services under a co-ownership arrangement.

“I am delighted to have formed this alliance with Centro and look forward to working together to explore future development opportunities at these high quality shopping centres assets,” Perron Group chairman Stan Perron said.

“This is an exciting opportunity and one that my team and I are very excited to have secured.”

Centro Australia’s chief executive, Steven Sewell, said the strategic alliance was a company redefining event.

“The Perron Group is privately owned and had the flexibility to make this compelling offer early in the transaction process,” Mr Sewell said.

“Their ability and willingness to commit to this transaction in such a condensed time frame is a testament to the quality of the assets and management team.

Perron Group’s commitment also reflects their insightful view on the synergies that will arise from the alliance between the two groups.”

The acquisition adds to Perron Group's growing portfolio of significant retail centres, including Cockburn Gateway, Belmont Forum, and Mirrabooka Square, among others.

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