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DLA Piper plays part on Piccadilly purchase
DLA Piper landed the lead role for the acquirer of a 50 per cent purchase in Sydney’s Piccadilly Centre.
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Firms: DLA Piper (Investa Property Group); Lander & Rogers (Stockland)
Deal: Investa takes a 50 per cent stake in Sydney’s Piccadilly Centre
Value: $194.25 million
Area: M&A
Key Players: The DLA Piper team was led by the firm’s domestic head of real estate, Les Koltai, with assistance from senior associate Astrid Beemster. Lander & Rogers partner John Wells acted for Stockland
Deal Significance: This deal confirms the closer ties that are being forged between Investa and Stockland, with this joint venture following hot on the heels of the Investa Commercial Property Fund acquiring a 50 per cent stake in 135 King Street and the Glasshouse Retail Centre, fronting Pitt Street Mall in Sydney. DLA Piper also advised Investa on that deal, which was in excess of $300 million. “The commercial real estate market in Sydney continues to feature prominently, with high-profile and complex deals being transacted in very short timeframes,” said Koltai.
