St Kilda tower sold to Singapore firm
Two firms have advised on a deal, which saw the tallest St Kilda Road commercial tower sold to a Singaporean real estate investment management firm.
Firm: Mills Oakley (Fort Street Real Estate Capital); Gadens (Rockworth Capital Partners)
Deal: 390 St Kilda Road, Melbourne, has been sold to Rockworth Capital Partners (Rockworth).
Value: $95 million
Area: M&A, property
Key players: The Mills Oakley team advising Fort Street Real Estate Capital (Fort Street) was led by partner James Price, with assistance from senior associate Jarrod Marchesi and law clerk Snezana Radojevic.
Deal significance: According to a statement from Mills Oakley, the property on St Kilda Road is a 28-level commercial office tower. It has been described as the tallest and most prominent in the St Kilda Road Domain precinct.
“The vendor is Australian Property Opportunities Fund, managed by Fort Street Real Estate Capital. The purchaser is Rockworth Capital Partners, a Singapore-based real estate investment management firm”, the firm said.
“The sale is significant for Fort Street. It represents the first divestment from the Australian Property Opportunities Fund Series, and is an important demonstration of Fort Street’s capacity to generate value for its investors.
“Mills Oakley advised Fort Street on a very extensive due diligence and RFI process, prepared and negotiated the sale contract with the purchaser’s lawyers, and completed settlement on 31 July 2017.”