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CIC makes history with landmark property purchase
A Chinese sovereign wealth fund has paid the highest price in Australian history for a portfolio of properties in Sydney and Melbourne.
Felicity Nelson
Firms: Clayton Utz (China Investment Corporation); Allens (Morgan Stanley)
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Deal: China Investment Corporation has acquired the Investa Property Trust premium office tower portfolio.
Value: Over $2 billion
Area: Property
Key players: David Wilkie and Kylie de Oliveira (pictured) led Clutz’s transaction team. Vijay Cugati and Mark Stubbings were the lead partners on the Allens team.
Deal significance:
The Investa Property Trust office tower portfolio includes some iconic Sydney and Melbourne properties: Grosvenor Place, Deutsche Bank Place and 400 George St (in Sydney) and 120 Collins St in Melbourne.
The deal represents the largest-ever direct investment in Australian commercial real estate.
