BAKER & MCKENZIE used information technology and expedited contractual arrangements to meet a tight deadline for the sale of three Sydney office towers earlier this month.
Bakers acted for Kyko Group in the sale to GE Real Estate Group of 60 Carrington Street and 130 Elizabeth Street in the city centre and 90 Arthur Street in North Sydney for $235 million.
GE Real Estate Group has reportedly spent around $1.4 billion on property in Australia and New Zealand this year.
The sale arrangements needed to be completed within a month, said Bakers’ lead partner on the deal, Roy Melick.
“We used our proven extranet technology to facilitate vendor due diligence, appointed a small team who committed to the project’s ambitious timetable and achieved simultaneous exchange and completion of contracts to meet the project’s demanding timetable,” he said.
Bakers online extranet was used to provide access for all parties to relevant documents and its lawyers worked long hours to complete the deal in the time available.
Finalising contracts at the same time as they are exchanged involves preparing all of the enabling legal documentation at the same time as the due diligence. This is unusual on such a large deal, the law firm said, as there are so many “mechanical” elements to prepare.
As well as Melick, the law firm’s team included senior associate David Jones.
Mallesons Stephen Jaques partner Richard Gray, together with senior associate Anne Ellison, advised GE Real Estate Group.