Firms: Holding Redlich (ISPT); Gadens (Cbus Property), Herbert Smith Freehills (Colonial First State PPS Fund); Davis Advisory (Murray Goulburn)
Deal: ISPT buy and sell four properties in Victoria and Queensland
Value: Over $700 million
Key Players: Helen Scott (pictured) led the Holding Redlich team on three of the deals, including the purchase by ISPT from Cbus Property of a 50 per cent stake in the controversial 1 William Street office tower development in Brisbane for close to $400 million. Scott also led her firm’s team in advising ISPT on the purchase of a shopping centre in Bendigo for over $150 million and the sale of 447 Collins Street in Melbourne to Cbus Property for $91 million. Senior associate Corinne Wells led Holding Redlich’s legal team on the purchase of a $92.6 million integrated logistics centre in Laverton North from Murray Goulburn.
Gadens acted for Cbus on both the Brisbane and Melbourne transactions, with partners Jeremy Smith, Mark Poustie and Tony Greenaway all involved. Greg Hing acted for HSF and Danuta Czuchwiki from Davis Advisory’s Melbourne office acted for Murray Goulburn.
Deal Significance: ISPT is one of Australia’s largest unlisted property fund managers, with over $9.2 billion of funds under management through property investments. It is owned by 21 superannuation funds and organisations.
Last month Queensland’s auditor general questioned whether a business case was properly developed for the William Street tower development.