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Former Red Cross headquarters sells for $124m

Former Red Cross headquarters sells for $124m

Les Koltai DLA Piper

An international real estate investment company has acquired the former Australian Red Cross headquarters building in Sydney.

Firms: DLA Piper (Union Investment Real Estate); Kemp Strang (St Hilliers Pty Limited)

Deal: Union Investment Real Estate purchased the former Red Cross headquarters building from St Hilliers.

Value: $124 million

Area: M&A

Key players: DLA Piper’s head of real estate in Australia Les Koltai (pictured) led the team and was supported by senior associate Bhavini Sundarjee, solicitors Jennifer Tropiano and Eva Chapple, with tax senior associate Eddie Ahn and corporate solicitor Rohila Ramini.

Deal significance: Union Investment is a Germany-based international real estate investor that entered the Australian market last year.

Union Investment has acquired the former Australian Red Cross building owned by St Hilliers for $124 million.

The building, located at 155 Clarence Street, Sydney, is the city's newest A-grade office tower having undergone a major redevelopment, completed earlier this year.

Mr Koltai said: "We're delighted to have advised Union Investment on this latest acquisition. Since their entry into the Australian real estate market last year, they have remained focused on acquiring some of the largest and highest-quality commercial premises in major business centres."

This is the second major real estate investment by Union Investment in Australia, following their acquisition of the Flight Centre Travel Group headquarters development in South Bank, Brisbane in April 2014 for $200 million.

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