Westfield cancels acquisition deal with Charter Hall

By Aimee Chanthadavong

Charter Hall’s initial put option agreement buy Perth-based centre Innaloo Shopping Centre and Shoppers Village from Westfield Group and Westfield Retail Trust’s has been called off.

The agreement, which was valued at $255 million, was made in September 2013 and was conditional of Westfield Group’s and Westfield Retail Trust’s plan to divest its interest in Karrinyup shopping centre.

Located in the Perth suburb of Innaloo and approximately eight kilometres north-west of the city’s CBD, the 37,200 square metres Innaloo Shopping Centre incorporates the attached Innaloo Shoppers Village, and is anchored by K-Mart, Target, Coles and Woolworths, and supported by over 140 specialty tenants.

Charter Hall said all transaction costs it and its capital partner incurred have been recovered through the payment of a put option fee by Westfield.

Reasons as to why the deal was called off remains unknown and RetailBiz awaits responses from Westfield.