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Allens acts for Investa on largest development sale in Sydney for 2009

15 July 2009

Allens Arthur Robinson (Allens) has advised Investa Property Group (Investa), a fully integrated real estate company, on the sale of the largest development site in Sydney for the year to EnergyAustralia, one of the largest energy suppliers in Australia.

The sale, valued at approximately A$75 million, relates to Kindersley House at 33 Bligh Street in Sydney.

The deal will see EnergyAustralia build a substation as part of its A$800 million City Grid project – involving building several substations throughout the CBD – with Investa retaining the right to build a 21,000 m2 office tower in the airspace above the substation.

Allens' Partner Mark Stubbings, supported by Senior Associate Teresa Lusi and Lawyers Dennis Wong and Sarah Longes, worked with the team at Investa, advising them on the sale documentation and working with EnergyAustralia and its legal team to accommodate their needs with respect to an important piece of electricity infrastructure in the Sydney CBD.

Mr Stubbings said his team has been busy this year advising on Sydney's most significant real estate transactions and development projects, with the firm also acting for DEXUS, one of Australia's largest diversified property groups, on the sale of an interest in its new premier office tower development at 1 Bligh Street Sydney to Cbus Property.

'As always, the Allens team was very pleased to be able to advise Investa on this deal which enables them to still be a part of the development of the site and one that fulfils their strategy to be involved in the development of the next office tower in the Sydney CBD,' said Mr Stubbings.

'We have enjoyed the challenge this year of working on two major office tower developments in Sydney and applying our broad range of town planning, construction and transactional experience to help Investa successfully complete this deal.'

Ends

Allens legal team Mark Stubbings (Partner – Sydney), Teresa Lusi (Senior Associate – Sydney), Dennis Wong (Lawyer – Sydney) and Sarah Longes (Lawyer – Sydney)

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Notes for editors.

Allens Arthur Robinson has staff in 14 cities and eight countries across the Asia Pacific.