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Sydney digs sell to MGPA
Clifford Chance and Herbert Smith Freehill have acted on a $105.1 million property sale at O’Connell Street in Sydney’s CBD.
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Firms: Clifford Chance (MGPA); Herbert Smith Freehills (Private Property Syndicate, managed by Colonial First State Global Asset Management)
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Deal: Sale of B-grade office building at 6-10 O’Connell Street in Sydney’s CBD
Area: Property
Value: $105.1 million
Key players: The HSF team was led by Australian partner Greg Hing (pictured), with support from senior associate Barry Walker and solicitor Japonica Sheridan
Deal significance: The 29-storey office complex was bought by MGPA, a Singapore-based private equity real estate advisory company, for $105.1 million, marking the company’s first acquisition in the Australian market. The sale will see MGPA own a combined total of 14,601 sq m of office space, which at the moment is 92 per cent occupied by 38 office tenants, as well as retail space on the ground floor. “We have seen a significant surge in foreign investment into the Australian property market during the third quarter of this year, particularly from Asian real estate investment trusts seeking opportunities in the local market,” said Hing.
