LAW firms Freehills and Blake Dawson have advised on the sale of Sydney landmark, RBS Tower at Aurora Place.
The $685,000,000 sale is one of the largest property transactions concluded since 2008.
Freehills advised the trustee of the Commonwealth Property Investment Trust and its manager, Colonial First State Global Asset Management on the sale of the property. Blakes advised the purchaser.
The Freehills team was led by partner Greg Hing and supported by senior associate Julia Eaton and solicitor Paul Hynes.
Hing said of the deal: “In my view the sale of such a premium real property asset after more than 12 months of virtual inactivity in the real estate sector was a signal that the appetite for premium grade office buildings still exists. It certainly sent a signal that the property market was not depressed beyond repair.”
Colonial First State Global Asset Management, as manager for Commonwealth Property Investment Trust, assisted in the smooth running of a physical and legal due diligence process and contract negotiation and finalisation following an expressions-of-interest campaign.
The deal also represented the first acquisition of Australian real property by South Korea’s National Pension Fund.