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 • 06 August 2015 • Big Law

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.

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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.

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