The two Sydney units have been purchased for a multimillion-dollar price tag by an Australian property fund group, in what is said to be a strategic acquisition.
Firms: King & Wood Mallesons and Norton Rose Fulbright (Investec Australia Property Fund); Undisclosed (Blackstone)
Deal: The Investec Australia Property Fund (Investec) has purchased two properties from Blackstone.
Value: $160 million
Area: M&A, property
Key players: The KWM team advising Investec was led by partner Susan Hilliard (pictured).
Partner Emily Masters, with senior associates Daniel Natale, Joseph Ip and Jennifer Zhou, assisted on the deal. Solicitors Jonathan Garson and Janine Low also worked on the transaction.
Investec has purchased the units of two trusts, which together hold two Sydney office properties.
The two properties, located in North Ryde and Frenchs Forest, were purchased from Blackstone for $160 million and offer a weighted annual lease expiry of at least 4.1 years.
The units comprise approximately 27,400 square metres of office space and 475 square metres of retail space.
According to KWM lead partner Susan Hilliard, who advised Investec on the purchase, a number of benefits will flow to the property fund as a result of the deal.
“This strategic acquisition provides secure medium-term income for the fund, as well as benefiting from rezoning initiatives and surrounding infrastructure developments,” Ms Hilliard said.
“We are excited to be working with our new client Investec Australia Property Fund as they focus more actively on investment opportunities in established metropolitan markets.”