Sector: Retail
Geography: Sydney, NSW
Challenge: David Jones asked us to manage the divestment of one of its two Sydney CBD stores to facilitate the consolidation of its Sydney CBD stores.
Solution: We designed the sales process – from managing the selection of agencies to providing commercial advice during the bid process. We conducted value modelling, co-ordinated vendor due diligence and independent valuation, and worked with solicitors to draft the transaction documents. We also helped establish an electronic data room, manage scoping for consequential project streams and feed everything into the wider business case.
Result: A landmark deal! This once in a life time opportunity was seized by Scentre Group and Cbus Property for $360m. David Jones has retained control throughout the sales process, always maintaining options and competitive tension.
