Aviva is the fund manager for UK-based Aviva Investors Asia Pacific Property Fund.In a statement issued last week, partner Matthew Stutsel commented on the different elements of the deal.

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'This was an interesting transaction because of the interplay between the tax and legal issues in Australia and those that apply in the UK .... The experience of our integrated team structuring foreign investment helped smooth the way for Aviva Investors,' he said.

Stutsel also holds high hopes for more transactions of this kind. "Despite the increase in Australian interest rates and our foreign exchange rate, this acquisition shows there are still opportunities available for property investment. Australia remains very attractive for foreign investment," he said.