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Three firms have advised on a deal whereby a real estate company was given the green light to develop a landmark tower at Sydney’s Circular Quay.
Firms: MinterEllison (Ping An Real Estate); Herbert Smith Freehills (Lendlease); Clayton Utz (Mitsubishi Estate Asia)
Value: Undisclosed
Area: M&A
Key players: The legal team advising PARE was led by MinterEllison partner Sophie Chen, with assistance from partner Wissam Abwi.
The other MinterEllison partners involved in the deal were David McElhone, Richard Crawford and Leigh De Jong.
The MinterEllison lawyers involved in the deal were Simon Cooper, Dimitri Kalis, Camilla Sinclair, Will Ma, Jonathan Chow, Benjamin Wu and Shira Saks.
Deal significance: Established in 2010 in Shenzhen, PARE is the global real estate investment and asset management platform of Ping An, with assets under management over US$26 billion as of September 2016.
The acquisition of the Circular Quay development is the first commercial property investment by PARE in Australia.
According to MinterEllison partner Sophie Chen, this deal will reshape the Sydney skyline with the development of a landmark commercial office tower in one of the city's most prominent locations.
The deal represents the largest investment by PARE in Australia to date, and highlights the depth of Chinese confidence in the Australian economy and real estate sector. It also demonstrated the great willingness of Chinese companies to work with local and foreign partners on market-leading transactions in Australia, she said.
“We thoroughly enjoyed working with Ping An Real Estate to execute this joint venture, and could not have hoped for a better result,” Ms Chen said.
“Ping An Real Estate is a substantial institutional investor and asset manager firm with a growing presence in Australia, and their decision to make another significant investment in Sydney real estate shows the depth of their confidence in the sector and local economy more broadly.”
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Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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