Deal: Maddocks has advised Singapore-based investment company Tong Eng Group on a significant Victorian asset acquisition, this time for a $145 million office building in the Melbourne CBD.

Value: $145 million.

Area: Real estate.

Key players: The team was led by partner Nick Holuigue and included partners Andrew Pitney, Arlene Colquhoun, Chong Ming Goh and Michael Taylor-Sands, special counsel Andrew Wright and senior associates Catherine Marino, Nadine Vielhuber, Emily Baker and Daniel Hui. 

Deal significance: The firm advised Tong Eng Group on all aspects of the purchase of 350 Queen St. 

Lawyers from the firm’s development, construction and projects and commercial teams advised the client on due diligence (including extensive title and leasing reviews), Foreign Investment Review Board regimes, finance and construction aspects among other things. 

Given the negotiations covered several months, extensive advice on the impacts of the state and federal government legislative regimes on tenancies and land tax was also given.

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Mr Holuigue said Maddocks was pleased to once again advise Tong Eng Group, especially on such a strategic acquisition.

“This is a significant matter, and one that is a vote of confidence in the Melbourne commercial property market,” Mr Holuigue said.

“We were pleased to once again bring to bear our experience advising overseas investors on strategic acquisitions in the Australian commercial property market.”