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Half of Adelaide’s Westpac House acquired

Half of Adelaide’s Westpac House acquired

Michael Garry, Kain Lawyers

A boutique firm has advised Inheritance Capital Asset Management on its acquisition of a half-stake in Adelaide’s Westpac House building.

Firm: Kain Lawyers (Inheritance Capital Asset Management); HWL Ebsworth (Abacus)

Deal: Inheritance Capital Asset Management acquired a half-stake in Westpac House from Abacus.

Value: $88.5 million

Area: M&A

Key players: The Kain Lawyers team included Michael Garry (pictured) and Brian Vuong.

Deal significance: Boutique property fund manager Inheritance Capital Asset Management (ICAM) was established in late 2015 with an institutional-grade property investment team and intends to grow to be one of South Australia’s institutional fund managers.

ICAM has acquired a half-stake in Adelaide’s Westpac House from Abacus for $88.5 million and completed associated fundraising.

Westpac House, which is one of only two premium buildings in the Adelaide CBD, comprises a 31-level office tower with 29,600 square metres of net lettable area.

The transaction was undertaken by ICAM in tandem with SA’s Accord Property Partners.

“We are very pleased to have assisted ICAM in executing their first of what we are sure will be many deals,” said Kain Lawyers director Michael Garry.

“Not only was there strong local investor support for the deal, it represented a great opportunity to help further develop the SA funds management industry.”

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