Allens has advised a BlackRock investment client and Centuria Property Funds Limited on their joint acquisition of The Zenith.
The iconic Chatswood property, which consists of two 21-storey towers, was purchased by the consortium for more than $279 million.
The purchase is the first acquisition for the joint venture partners acting together.
Allens established the investment structure and vehicles, carried out due diligence, advised on Foreign Investment Review Board (FIRB) approval requirements and the application for FIRB approval and negotiated the terms of the joint venture and land sale documents during a tight due diligence exclusivity period.
'We are delighted to have assisted BlackRock and Centuria with their first joint acquisition,' said Marc Kemp and Nicholas Cowie, lead partners on the deal from Allens.
'We congratulate BlackRock and Centuria on the purchase of one of the north shore's premier office assets.'
Allens also worked with colleagues from strategic alliance partner Linklaters, who advised BlackRock with respect to its investment clients on offshore matters.
Contracts for sale of the property exchanged on 18 May.
Allens legal team
Funds: Marc Kemp (Partner, Sydney), Eve Regnard (Senior Associate) and Rebecca Sheehy (Associate)
Real Estate: Nicholas Cowie (Partner, Sydney), Claudina Vranken (Senior Associate), Chris Clark (Associate), Emma Bowers (Graduate) and Ryan Jameson (Graduate)
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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.