Freehills advised the trustee of the Commonwealth Property Investment Trust and its manager, Colonial First State Global Asset Management on the sale of the landmark Sydney property, RBS Tower @ Aurora Place for $685,000,000 – one of the largest property transactions concluded since 2008.
The Commonwealth Property Investment Trust is a closed end fund and the sale of the asset was consistent with the long term strategy of the Trust since its inception.
The Freehills team was led by partner Greg Hing and supported by senior associate Julia Eaton and solicitor Paul Hynes.
Freehills partner Greg Hing said, ‘In my view the sale of such a premium real property asset after more than 12 months of virtual inactivity in the real estate sector was a signal that the appetite for premium grade office buildings still exists. It certainly sent a signal that the property market was not depressed beyond repair.’
Colonial First State Global Asset Management, as manager for Commonwealth Property Investment Trust, assisted in the smooth running of a physical and legal due diligence process and contract negotiation and finalisation following an expressions of interest campaign. The deal also represented the first acquisition of Australian real property by South Korea’s National Pension Fund. Blake Dawson advised the purchaser.
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