Allens advises Investa Office Fund on major real estate acquisitions
4 April 2012
Allens Arthur Robinson (Allens) has advised ASX-listed real estate investment trust Investa Office Fund on its acquisition from members of Investa Property Group of a 25 per cent interest in 126 Phillip Street, Sydney (Deutsche Bank Place), one of the premier CBD office properties in Australia and a 50 per cent interest in 242 Exhibition Street, Melbourne an A-Grade CBD office property that serves as the Telstra Global Headquarters.
Investa Office Fund is a leading owner of investment grade office buildings, with 23 assets under management to the value of $2.6 billion.
As the vendors in relation to both Deutsche Bank Place and the Telstra Global Headquarters were related parties of Investa Office Fund, the proposed acquisitions were subject to IOF unitholder approval which was successfully obtained on 27 March.
Real Estate Partner Mark Stubbings, who jointly led the Allens team on the matter with Corporate Partner Vijay Cugati, said that the acquisition, which was originally announced on 23 February and settled on 2 April, meets the strategic objectives of IOF, which is aiming to be Australia's pre-eminent CBD office fund.
'We were delighted to build on our relationship with the Investa team who delivered this deal and to assist IOF in this important transaction,' Mr Stubbings said.
'We were able to coordinate a team of partners and lawyers in Sydney and Melbourne to undertake detailed due diligence on both properties along with relevant corporate and tax issues, the latter being led by Tax Partner Adrian Chek.'
Mr Cugati said that 'the transaction involved coordinating processes and drafting documentation to appropriately deal with the nature of this transaction as a related party deal.'
|Allens legal team||Mark Stubbings (Partner – Sydney), Vijay Cugati (Partner – Sydney), Adrian Chek (Partner – Sydney), Stuart McCulloch (Partner – Sydney), Kim Manns (Senior Associate – Sydney), Joanne Langford (Senior Associate – Sydney), Alexandra Peace (Senior Associate – Melbourne), Huw Lacey (Lawyer – Melbourne), Paul Telford (Lawyer – Melbourne), Jonathan Dillon (Lawyer – Sydney), Kirsty Moore (Lawyer – Sydney), Ben Friis–O'Toole (Lawyer – Sydney), Evan Bendelstein (Lawyer – Sydney), Hugh McMicking (Paralegal – Sydney), James Mossetto (Paralegal – Sydney)|
- Susan CowenCorporate Affairs Adviser,
Ph: +61 3 9613 8374
Notes for editors.
Allens Arthur Robinson has staff in 14 cities and eight countries across the Asia Pacific.