Herbert Smith Freehills has advised QIC on the acquisition for $614.5 million of seven CBD buildings by QIC Funds from the Queensland Government and the leaseback of those buildings to the Queensland Government. The deal involved the creation of new investment funds to acquire the buildings, the negotiating and drafting of the acquisition agreements and lease terms with the State and associated debt funding arrangements.
The transaction presented a rare opportunity for QIC and its investors to acquire a discrete portfolio of CBD office buildings with the initial stability of leases from the State and future development potential.
The Herbert Smith Freehills team was led by Kerry Heilbronn and comprised Kerry Heilbronn, Partner, David Stitt, Consultant, Sharon Travers, Executive Counsel and Alanna Bolger, Leone Costigan and Alison Lympany, Senior Associates.
Phillip McMahon, Partner also led a team in relation to the debt funding arrangements with that team including Fergus Smith, Senior Associate and Will Brennan, solicitor.
Herbert Smith Freehills partner Kerry Heilbronn said: ‘We have been delighted to assist QIC in this landmark matter which has unlocked capital for the State whilst causing little or no dislocation for the State’s employees and providing strong and stable returns for QIC’s investors.’
QIC is one of the largest institutional investment managers in Australia with approximately $64.7 billion in funds under management.
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