King & Wood Mallesons has advised GE Real Estate Investments Australia on its divestment of part of its office portfolio to Mirvac Group for approximately $584 million as the business transitions its focus towards debt financing.
Under the deal, Mirvac will acquire five properties situated in Sydney’s central business district, as well two A-grade landmark assets – Allendale Square in Perth and 90 Collins Street in Melbourne.
The King & Wood Mallesons team was led by real estate Partner Andrew Norman and Senior Associate Suzi Stanicic , who were supported by Senior Associate Mark Bayliss and solicitors Jerome Martin and Andrew Cork.
Andrew Norman said: “We are pleased to have supported our long term client on this strategic divestment. The structured nature of GE’s underwriting of income for vacant areas and refurbishment arrangements for one of the properties, and the tight timeframes, made this transaction particularly complex and challenging to work on.”
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