King & Wood Mallesons has acted for Pramerica Real Estate Investors on its acquisition of 215 Adelaide Street, Brisbane, Australia for A$134.5 million, one of the largest real estate transactions in Brisbane in recent times. The acquisition was made by Pramerica on behalf of a German institutional client.
215 Adelaide Street is a prominent 28 level office tower, including two levels of retail at 215 Adelaide Street, and the Rowes Building at 235 Edward Street, Brisbane.
King & Wood Mallesons advised Pramerica on all Australian aspects of the acquisition. The King & Wood Mallesons team included Partner, and regional Real Estate Sector Leader, Sue Kench, Senior Associate, and real estate capital markets specialist, Mark Bayliss, Senior Associate, and tax specialist, Cory Hillier, and real estate Solicitor Andrew Cork.
The acquisition is the second on which King & Wood Mallesons has advised Pramerica, having recently advised Pramerica on its acquisition of an institutional grade commercial office asset in Melbourne for an Asian Sovereign Wealth Fund.
“This transaction continues the strong flow of high profile cross-border investment into the Australian real estate sector by foreign investment managers and sponsors on which King & Wood Mallesons has advised. We were delighted to be able to continue our support of Pramerica in the expansion of its high quality Australian portfolio, and to lend our market-leading expertise in the structuring and execution of inbound investment into Australian real estate” said Ms Kench.
King & Wood Mallesons has advised a number of leading global and Asia focused real estate managers and sponsors, including CLSA Capital Partners, LaSalle Investment Management, RREEF Real Estate and AEP Investment Management, on their recent inbound investments into the Australian real estate sector.
Related Posts:
- None Found