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Multimillion-dollar property portfolio sold

Multimillion-dollar property portfolio sold

A blue chip property portfolio has been sold for more than $174 million, in what is said to be the largest diversified property sale for 2016.

Firms: Massons (Denison Funds Management Ltd); Allens (Propertylink)

Deal: Propertylink has purchased a blue chip property portfolio from Denison Funds Management Ltd (Denison).

Value: $174.35 million

Area: Property

Key players: The Massons team advising Denison was led by partner Jodie Masson. Senior associate Ole Mitrevski assisted with the deal.

The Allens team advising Propertylink was led by partner Michael Graves.

Deal significance:

Propertylink has purchased the diversified property portfolio from Denison for $174.35 million. According to Massons, which advised the vendor on the sale, the deal is believed to be Australia’s biggest diversified property sale for 2016.

The blue chip portfolio includes 13 properties in Queensland, NSW, Victoria and Western Australia. Collectively, over 125 leases are attached to the sites.

Massons acted on the leasing of Denison’s national portfolio prior to acting on the portfolio sale.

Denison is a portfolio company of fund Forum Asian Realty Income III LP. The fund’s general partner is an affiliate of global real estate investment management firm Forum Partners Investment Management LLC.

Propertylink is an Australian property fund manager that recently completed its initial public offering.

In a statement released by Massons, partner Jodie Massons said her team was pleased to have worked on the successful portfolio sale.

“We loved working on this transaction; it’s exactly the sort of work that we are good at because it involves thinking outside the square.

“There were so many moving parts that it involved the whole firm. I’m really proud of the way that the team worked together seamlessly to achieve the best possible result,” Ms Masson said.

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