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King & Wood Mallesons, Allens Arthur Robinson and Corrs Chambers Westgarth have advised on the sale of a prominent Brisbane property.
Deal: Acquisition of 215 Adelaide Street, Brisbane, Australia
Area: Real estate
Value: $134.5 million
Key players: The KWM team included: partner and regional real estate sector leader, Sue Kench; senior associate and real estate capital markets specialist, Mark Bayliss (pictured); senior associate and tax specialist, Cory Hillier and real estate solicitor Andrew Cork.
Deal significance: This is one of the largest real estate transactions in Brisbane in recent times. The acquisition was made by Pramerica on behalf of a German institutional client. 215 Adelaide Street is a prominent 28-level office tower which includes two levels of retail at 215 Adelaide Street and the Rowes Building at 235 Edward Street. “This transaction continues the strong flow of high-profile, cross-border investment into the Australian real estate sector by foreign investment managers and sponsors,” said Kench.
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