The Colonial First State managed Direct Property Investment Fund (DPIF) and DEXUS completed the sale of $503.7 million of Sydney based office assets on 28 February 2013, through the sale of direct interests in land and units in land holding trusts. Contracts for the deal were exchanged 21 December 2012.
The sale included a 25% interest in the premium-grade office building Grosvenor Place, at 225 George Street, Sydney; a 50% interest in each of 2 and 4 Dawn Fraser Avenue, Sydney Olympic Park to DEXUS Office Trust (DOT); and the sale of 39 Martin Place, Sydney and Martin Place Shopping Circle to joint purchasers (50/50) DOT and DEXUS Wholesale Property Fund.
Partner Greg Hing led the Herbert Smith Freehills team working with partner Jim Graham and senior associate Samuel Brown.
“This is a significant transaction with positive outcomes for both parties,” said Hing. “The transaction indicates that there is an appetite in the market for large property transactions, particularly portfolio sales such as these.”
“This sale is one of the highest valued office transactions in Australia of recent times and was unique for its off-market nature. The sale is a positive sign for the overall real estate investment trust sector over the next 12 months,” added Hing.
DEXUS has stated that, in particular, the Sydney office market exhibits market depth and liquidity and is likely to retain a high level of interest from domestic and international investors. King & Wood Mallesons acted for DEXUS in the transaction.
The sale has occurred as part of the wind-up by DPIF of its office sector interests.
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