Allens has advised Rest on its acquisition of a one-third stake in Sydney's Quay Quarter Tower redevelopment for approximately $900 million.
It is the largest Australian property transaction ever undertaken by Rest.
Rest joins two AMP Capital managed funds with equal stakes in the $2.7 billion project, which will see the existing AMP Centre tower and two Circular Quay blocks redeveloped into a 50-level premium grade skyscraper.
A cross-disciplinary team drawing on Allens' expertise in property, funds, tax and finance collaborated to advise on all aspects of this complex transaction, showcasing the depth and breadth of Allens' legal services across all aspects of property development and investment.
'We are delighted to have advised Rest on this landmark transaction, which has the potential to deliver significant long-term returns for Rest's members,' said Michael Graves , lead Partner on the transaction.
'Along with its scale and complexity, this transaction is significant given Rest's willingness to look beyond traditional stabilised investments in order to access one of the best investment opportunities in the market.
'This is a trend we expect to see continue as super funds invest more heavily in property.'
This transaction builds on the work that Allens has done for a number of super funds as they reposition their approach to direct property investment.
Allens legal team
Michael Graves (lead Partner), Geoff Sanders (Partner, Corporate), Warwick Newell (Partner, Banking & Finance), Martin Fry (Partner, Tax), Andrea Reeves (Senior Associate, Projects & Development), Jess Choong (Managing Associate, Corporate), Lisa Zhou (Managing Associate, Banking & Finance), Jennee Chan (Senior Tax Counsel), Philip Marquet (Associate, Corporate) and Raj Patel (Associate, Projects & Development)
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.