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Green office tower acquired by ‘impact investor’
Three firms advised on the acquisition of Brisbane’s sustainable K1 Tower by IIG, an investment group with an environmental focus.
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Firms: Arnold Bloch Leibler (Impact Investment Group); Herbert Smith Freehills (Lend Lease); Corrs Chambers Westgarth (NAB).
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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.
