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Sovereign wealth fund buys big in Barangaroo

Sovereign wealth fund buys big in Barangaroo


One of the world’s largest sovereign wealth funds has acquired an interest in Barangaroo Tower 1 in Sydney.

Firms: Minter Ellison (Qatar Investment Authority or QIA), Herbert Smith Freehills (Lend Lease); King & Wood Mallesons (Lend Lease 1 International Towers Sydney Trust)

Deal: QIA has acquired a 37.5 per cent interest in the A$2 billion International Tower 1 at Barangaroo South in Sydney.

Value: A$525 million

Area: Property investment

Key players: Cameron Charlton, the lead partner from Minter Ellison, was supported by partners Virginia Briggs, Duncan McGregor, Stuart Johnson, Tony Berriman, Karen Payne, Nathan Deveson, Gary Goldman and Michael Creedon.

Deal significance:

This is QIA's first large-scale investment in Australian commercial property. The sovereign fund has previously invested in agricultural properties in NSW's central west and beyond, under the group's food security program, Hassad Food.

International Tower 1 is one of the largest commercial office buildings to be built in Australia.

"This complex transaction continues the recent trend of Australian property developers seeking to capture inbound foreign capital via complex 'fund-through' arrangements,” said Mr Charlton.

“There is significant interest from offshore groups in Australia's property sector, with premium office assets particularly attractive to foreign investors.”

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