Herbert Smith Freehills has advised Leighton Properties on its sale of 567 Collins Street in Melbourne to the ASX-listed Investa Office Fund (IOF) and Investa Commercial Property Fund (ICPF) for approximately A$462 million.
The development at 567 Collins Street will be the largest PCA Premium Grade tower built in Melbourne in the last 25 years occupying 3,942 sqm with a 74m frontage on to Collins Street. Both Leighton Contractors and Corrs Chambers Westgarth have already signed lease agreements with plans to move their Melbourne offices in 2015 when the development is expected to complete.
The Herbert Smith Freehills team included Partners Luke Simpson and David Sinn, who were supported by Senior Associate Julie Jankowski.
“It’s been anticipated that 2013 would be an extremely active year for A-REITs as listed property funds return from trading below NTA and have capital available to make new investments and acquisitions,” said Luke Simpson. “This transaction is evidence of renewed activity in the sector and we expect to see a number of similar transactions to follow.”
Herbert Smith Freehills has one of Australia’s leading legal practices for the Real Estate sector and advises many of the world’s leading investors, developers, funders, private equity houses, occupiers and corporates across all areas of their real estate matters.
The group has advised on many of the biggest and most complicated property transactions, including advising Lend Lease on its successful tender to develop Sydney’s Barangaroo South development, Australia’s largest urban renewal project since 2000; the consortium Destination Sydney on its successful bit to build the Sydney International Convention Exhibition and Entertainment Precinct project; Lend Lease on its recent appointment to develop the AU$1 billion Waterbank Precinct urban renewal project in East Perth; and Growthpoint Properties Australia on the disposal and settlement of its office and warehouse facility located at 134 Lillkar Road, Goulburn.
Norton Rose advised Investa on this transaction.
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