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Green office tower acquired by ‘impact investor’

Green office tower acquired by ‘impact investor’

Ben Mahoney

Three firms advised on the acquisition of Brisbane’s sustainable K1 Tower by IIG, an investment group with an environmental focus.

Firms: Arnold Bloch Leibler (Impact Investment Group); Herbert Smith Freehills (Lend Lease); Corrs Chambers Westgarth (NAB).

Deal: IIG acquired the K1 office tower in Brisbane’s Fortitude Valley from developer Lend Lease.

Value: Not disclosed

Area: Property, Banking & Finance.

Key players: From ABL in Melbourne, partners Ben Mahoney (pictured) and Tyrone McCarthy worked on the deal, assisted by senior associate Andrea Towson and lawyer Orly Rotstein.

Deal significance:
The purchase of the 16,600 sq m building from Lend Lease represents Melbourne-based IIG’s largest acquisition to date.

K1 is located in the Brisbane Showgrounds urban regeneration precinct and is one of the most environmentally sustainable commercial buildings in Australia, according to a statement from ABL.

IIG focuses on ‘impact investing’ – an investment approach that delivers competitive financial returns and measurable social and environmental returns, ABL stated.

Mr Mahoney said ABL was pleased to have worked with IIG to secure the institutional-grade asset.

“The process highlights the agility of IIG in negotiating, funding and completing off-market deals of this complexity on very short timelines,” he said.

Lend Lease is the developer and anchor tenant, occupying three of the nine floors of the building.

 

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Green office tower acquired by ‘impact investor’
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