Allens has acted for Morgan Stanley Real Estate Investing and Investa Property Group on the sale of the Investa Land business to Proprium Capital Partners.
The deal comprises 11 residential and industrial development projects throughout Australia, including a pipeline of approximately 10,000 residential lots along the eastern seaboard.
The transaction was completed on 2 November.
The sale is significant as it follows Allens' recent work for the same client on the record-breaking sale of nine premium office towers in Australia's major cities and cements Allens as the leading law firm in complex real estate deals with global reach.
The Allens team on the matter was led by Corporate/M&A Partner Vijay Cugati and supported by Real Estate sector head Mark Stubbings and Partners Adrian Chek, Charles Armitage, Malcolm Stephens and Veronica Siow. Lead team members included Alexandra Feros (Corporate/M&A), Tom Tian (Tax), Kim Manns and Liam Chambers (Real Estate).
Vijay Cugati said the deal demonstrates the firm's expertise across large-scale M&A real estate transactions.
'Working with Morgan Stanley Real Estate Investing and Investa Property Group to bring a new entrant to the Australian real estate investment market involved a lengthy competitive sales process with complicated issues to be dealt with and documented,' Vijay said.
'The Investa Land business sale process was conducted in conjunction with the larger sale of nine premium office towers last month.'
Vijay said that the deals demonstrate the appetite from foreign investors for quality Australian real estate assets.
'This deal confirms that there is still enormous value in real estate assets and considerable interest from overseas buyers.
'The Proprium deal follows our work last month in the office sale to Chinese Investment Corporation as phase two of the world's largest real estate investment deal this year,' Vijay said.
Allens legal team
Vijay Cugati (Corporate/M&A), Mark Stubbings (Real Estate), Adrian Chek (Tax), Charles Armitage (Tax), Malcolm Stephens (Litigation), Veronica Siow (Employment), Alexandra Feros (Corporate/M&A), Tom Tian (Tax), James Nguyen (Corporate/M&A), Kimberley Chikitch (Corporate/M&A), Liam Chambers (Real Estate), Kim Manns (Real Estate) and Peter Brenan (Real Estate)
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.