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Mallesons' Perth team advises on $18.3m property deal

Mallesons' Perth team advises on $18.3m property deal

Managed fund Diversified Property Fund has sold its 50 per cent share of the Fosters Abbotsford portfolio trust in Melbourne.

CHARTER Hall Group says managed fund Diversified Property Fund (DPF) has sold its 50 per cent share of the Fosters Abbotsford portfolio trust in Melbourne for $18.3 million to joint venture partner Wyllie Group. 

Mallesons Stephen Jaques' Perth office acted for the privately owned Perth-based property and corporate investor, Wyllie Group Pty Ltd, on the purchase by Wyllie Developments of its joint venture partner's share in the trust.

The purchase was from Charter Hall's diversified property fund and involved a portfolio of seven commercial premises in Melbourne. Mallesons lead partner on the deal, Laurence (Larry) Iffla, said Charter Hall said it had done "fairly well" out of the process, even though he thought it may be a "fairly small arrangement for them". 

The Perth legal team consulted on stamp duty issues in Victoria, it being a Victorian-based matter, Iffla said. Mallesons advised on the unit sale agreement signed between the parties and ensured completion of the deal, he said. 

Iffla added that he thinks a lot of the larger funds are looking to rationalise, and are providing opportunities to people who are ready to pick up a position at what they consider to be a fair price. 

DPF and Wyllie bought the portfolio in 2007, comprising ten properties with lease terms ranging from seven to ten years.


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