King & Wood Mallesons has advised Charter Hall’s Core Plus Office Fund (Charter Hall) on its joint acquisition of FKP Property Group’s Gasometer 2 Brisbane office development with PSP Investments, one of Canada’s largest pension investment managers.
Under the deal, Charter Hall and PSP Investments will each acquire a 50% share in the 23,400 square metre office tower, which is currently under development. The deal also includes a pre-commitment by the Bank of Queensland to lease 12,700 square metres of the building’s office space for an initial 12 year period.
The King & Wood Mallesons team was led by real estate partners Sonya Harris and Stuart Dixon-Smith.
Sonya Harris said: “We are delighted to have assisted Charter Hall on this strategic acquisition, which will support its ongoing strategy of raising and deploying wholesale capital into key real estate opportunities. This transaction also reflects the ongoing trend of capital partnering between developers and A-REITS and the strong appetite of large Canadian pension institutions for Australian real estate assets.”
The acquisition is the latest in a series of real estate investments on which King & Wood Mallesons has acted. King & Wood Mallesons recently advised Grocon on the AUD 543m development and forward funded sale of a Brisbane office building to DEXUS Property Group, the largest property transaction in Australia this year. The firm also advised Singapore-listed Far East Orchard on its $225 million investment with Australian hotel and property company, Toga Group.
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