Allens has acted for Singapore's GIC Real Estate and Frasers Property Australia on their $1 billion plus sale of a portfolio of 26 industrial distribution centres to Ascendas.
The sale comprised GIC's entire industrial portfolio in Australia and included properties held in joint venture with Frasers Property Australia.
The Allens team on the matter was led by Partner Nicholas Cowie.
Nicholas said the matter was the largest industrial portfolio sale in Australian history, and the second largest in the Asian region. It was a particularly complex transaction, as it involved interdependent sales of property owning vehicles and direct real estate.
'Having acted for GIC on the establishment of the joint venture with Frasers (formerly Australand) in 2011 and on the acquisition of the majority of the properties in the portfolio, we were delighted to have been given the opportunity to deliver the sale process,' Nicholas said.
'The Australian real estate industry is attracting significant overseas investment, given the fall in the Australian dollar, our comparative yield advantage to other jurisdictions and the overall transparency of the market. We expect that to continue for the foreseeable future.'
Allens legal team
Nicholas Cowie (Partner), Marc Kemp (Partner), Eugene Khristenko (Associate), Isabelle O'Connor (Senior Associate), Lucy Woodruff (Senior Associate), Annett Schmeidel (Senior Associate), Derek Heath (Consultant)
Notes for editors.
Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.