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Nine office towers sell in mega real estate deal

Nine office towers sell in mega real estate deal

Mark Stubbings, Allens

A Chinese sovereign wealth fund has purchased nine Australian office towers in what is reported to be the biggest-ever direct real estate transaction in Australia’s history.

Firms: Clayton Utz (China Investment Corporation); Allens (Morgan Stanley Real Estate Investing and Investa Property Group)

Deal: China Investment Corporation purchased nine office towers from Investa Property Group.

Value Over $2 billion (according to Clayton Utz)

Area: M&A

Key players: David Wilkie and Kylie de Oliveira led Clayton Utz’s transaction team. 

Mark Stubbings and Vijay Cugati led the Allens team and were supported by partners Charles Armitage, Adrian Chek, Jo Folan, Marc Kemp, Jeremy Low, Stuart McCulloch, Veronica Siow and Malcolm Stephens. Apoorva Suryprakash, Alex Feros, Kim Manna, Lucy Woodruff, Tom Tian and Victoria Johns were also involved.

Deal significance: 

Although Allens said the value of the deal was confidential, Clayton Utz previously reported its value at over $2 billion. It is reportedly the biggest sell-side property transaction globally so far in 2015.

Chinese sovereign wealth fund China Investment Corporation outbid multiple global real estate investors to secure nine premium office towers from Investa Property Group; seven in Sydney, one in Brisbane and one in Melbourne.

Lead partner for Allens Mark Stubbings (pictured) said: “The sale transaction was complex, involving a competitive sale process that began in February this year and involved an initial invitation to almost 100 international real estate investors.”

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