Link REIT has purchased Queen Victoria Building, The Strand Arcade and The Galeries in an acquisition worth over half a billion dollars.
Firm: Herbert Smith Freehills (Link REIT).
Deal: HSF has advised Link REIT on its “landmark” $532.8 million acquisition of Queen Victoria Building, The Strand Arcade and The Galeries, which gives it a 50 per cent stake in those retail buildings from Singaporean sovereign fund GIC Private Limited.
Value: $532.8 million.
Area: M&A, real estate.
Key players: The cross-border and cross-practice HSF team was led by partners Michael Back, Philip Podzebenko and Tommy Tong, who were supported by executive counsel Leone Costigan, senior associates James Peterson and Matt Li and solicitors Brandon Barrio, Matt Dulaney and Cara Chan.
Deal significance: Mr Back said: “Congratulations to Link on its acquisition of 50 per cent interest in three iconic Australian retail centres. We greatly appreciated the opportunity to work with the Link in-house legal and commercial teams and to bring to the deal the expertise and experience of our Australian and Hong Kong real estate and corporate M&A teams within an extremely tight timetable.”
Link REIT chief legal officer Kenneth Wong added: “Thanks to the professional and round-the-clock effort of this multi-jurisdiction team, we have been able to overcome enormous challenges to enter into this transaction within a very demanding timeframe.
“Indeed, we have struck a strong partnership with Herbert Smith Freehills since we first entered the Australian market by acquiring 100 Market Street.”