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Office building bundle breaks $300 million mark

Office building bundle breaks $300 million mark

michael.back

Two firms have completed the sale of a 34-storey building in Sydney's CBD as part of a portfolio of nine properties.

Firms: Herbert Smith Freehills (Propertylink); Johnson Winter and Slattery (Perpetual Trustee Company)

Deal: Propertylink purchased 320 Pitt Street and a portfolio of eight industrial properties in New South Wales, Victoria, Queensland and Western Australia.

Value: $303 million

Area: Property

Key players: The HSF team was led by partners Michael Back, Philip Podzebenko and Phillip McMahon, with support from senior lawyers Leone Costigan, Kate Howson, Jayne Walker and Tamara Saladine.

Deal significance:

320 Pitt Street is a commercial asset in Sydney CBD, which contains a 34 floor office building.

Propertylink bought 320 Pitt Street for $200 million and the industrial portfolio of eight properties for more than $103 million.

Perpetual Trustee Company sold the properties, acting as trustee for RMR Australia Asset Management. The transaction settled on 29 June.

Propertylink has more than $2 billion of assets and projects under management across Australia. This transaction is one of several successful multiple property purchases by Propertylink in the past 12 months.

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