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Globals advise on Sydney property play

Globals advise on Sydney property play

Justin O’Farrell

A property group and global investment firm have bought an office tower at St Leonards in Sydney together, aided by two global firms.

Firms: Herbert Smith Freehills (Abacus Property Group); Allens (Goldman Sachs)

Deal: Establishment of a joint venture between Abacus Property Group and The Goldman Sachs Group, Inc.

Value: $115 million

Area: M&A

Key players: Corporate partner Justin O’Farrell (pictured) led the team for HSF, assisted by senior associate Laura Walsh.

Allens acted for Goldman Sachs in relation to the joint venture.

Deal significance: The joint venture has exchanged contracts to acquire 201 Pacific Highway, part of the Forum complex at St Leonards railway station in Sydney. Settlement is planned for August.

“Conditions in the Sydney commercial office market remain strong at all levels,” said Mr O’Farrell.

The deal follows recent ventures between Abacus and KKR for the World Trade Centre in Melbourne and the Oasis Shopping Centre on the Gold Coast.

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