Deal: Herbert Smith Freehills has advised Link REIT on its $683 million acquisition of 100 Market Street, Sydney from the Blackstone Group.

Link REIT is a Hong Kong-listed real estate investment trust, which owns and operates shopping centres, parking space facilities, retail spaces, and offices. It is the largest REIT in Asia in terms of market capitalisation.

Value: $683 million.

Area: M&A, property.

Key players: The Herbert Smith Freehills team was led by partners Michael Back, Philip Podzebenko and Phillip McMahon, and was assisted by executive counsel Leone Costigan, senior associates Laura Walsh and Anthony Economou, and solicitors Catie Moore, Jess Burstow and William He.

Deal significance: The acquisition of 100 Market Street is Link REIT’s first acquisition outside of mainland China and Hong Kong. 

The acquisition represents approximately 1.66 per can of the total assets of Link REIT (as at 30 September 2019), and was funded by a combination of debt and equity.

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Mr Back said on the transaction, “We are delighted to have assisted Link REIT on this landmark acquisition in Australia. It has been a privilege to work alongside some of the best in-house talent in the industry and we look forward to working together again in the near future.” 

Alex Au, general counsel (M&A) at Link REIT said it was a great pleasure to work with the HSF team.

“The seamless cross-team effort across Herbert Smith Freehills’ corporate, real estate and finance teams, as well as the Greenwoods & Herbert Smith Freehills team, is very much appreciated, and has been instrumental in navigating us through our first of hopefully more acquisitions to come in Australia,” he said.