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Canberra real estate deal finalised

Canberra real estate deal finalised

David Sinn, Herbert Smith Freehills

Two firms have advised on the sale of a Canberra office building that is leased to the Commonwealth of Australia.

Firms: Herbert Smith Freehills (Brompton Asset Management); Norton Rose Fulbright (Growthpoint Properties Australia Limited)

Deal: Brompton Asset Management sold a Canberra office building to Growthpoint Properties Australia Limited for $70 million.

Value: $70 million

Area: Real estate

Key players: The Herbert Smith Freehills team was led by real estate partner David Sinn (pictured) with support from senior associate Julia Orbach and solicitor Hannah Stevens.

Deal significance: London-based Brompton Asset Management sold an office building located at 255 London Circuit, Canberra to Growthpoint Properties Australia Limited.

The office building, a crown leasehold interest, is leased to the Commonwealth of Australia represented by the Department of Foreign Affairs and Trade.

The current lease term is due to expire in September 2027, with one further option of five years. The settlement for the deal was finalised this month for $70 million.

Herbert Smith Freehills lead partner David Sinn said: “The sale of this six-level office building demonstrated the strength of the Australian real estate market, with strong demand for this prime Canberra asset.”

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