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Contracts exchanged on Melbourne shopping complex

Contracts exchanged on Melbourne shopping complex

An Asian real estate fund manager will soon acquire a prominent shopping complex along Melbourne’s Yarra River.

Firms: Lander & Rogers (ARA Asset Trust Management (Suntec) Limited and ARA Fund Management (PIP) Ltd); MinterEllison (Dexus Southgate Trust)

Deal: The Southgate complex in Melbourne will be acquired from the Dexus Southgate Trust by Suntec and PIP, subject to approval.  

Value: $578 million

Area: Real estate

Key players: The Lander & Rogers team advising ARA was led by partner John Wells. Partners Lisa Gaddie, Steve Robinson, Lee Wolveridge, Lisa Zonta and Gregg McConnell assisted.

Dexus senior legal counsel Diane Khoury assisted MinterEllison partner Adrian Rich and senior associate Euon Williams in their advice to Dexus.

Deal significance:

Contacts were exchanged for the Southgate complex on 5 August. The property purchase by ARA Asset Management Pty Ltd (Suntec) and ARA Fund Management (PIP) Ltd is subject to Foreign Investment Review Board approval. ARA has been listed in Singapore since November 2007.

The company will initially acquire 50 percent interest in the Southgate complex, with an ancillary agreement in place to acquire the remaining 50 per cent of the property. 

Lander & Rogers advised ARA in the property transaction and also advised the company on its recent $188 million acquisition of the 25-level HSBC Tower on 300 Queen St in Brisbane, which settled on 30 June 2016. 

John Wells, who is the Lander & Rogers real estate sector team leader, was the lead partner advising on the deal.

Mr Wells attributed recent high “capital transaction volumes in the office sector” to a combination of strong offshore interest, in addition to active domestic REIT and private funds sectors.

“Our firm continues to invest in key regional markets such as Singapore, and we are very pleased to have been able to assist on these acquisitions as ARA and Suntec expand their Australian platforms,” Mr Wells said.

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