Freehills has advised the trustee of the Commonwealth Property Investment Trust (CPIT) and its manager, Colonial First State Global Asset Management, on the $685 million sale of RBS Tower @ Aurora Place, making it one of the largest property transactions undertaken since 2008.
The CPIT is a closed-end fund and the sale was consistent with CPIT's long term strategy.
The Freehills team was led by partner Greg Hing and supported by senior associate Julia Eaton and solicitor Paul Hynes.
Hing said of the deal: "In my view, the sale of such a premium real property asset after more than 12 months of virtual inactivity in the real estate sector was a signal that the appetite for premium grade office buildings still exists. It certainly sent a signal that the property market was not depressed beyond repair."
Colonial First State Global Asset Management, as manager for CPIT, assisted in the physical and legal due diligence process, and contract negotiation and finalisation following the Expressions of Interest campaign. The deal also represented the first acquisition of Australian real property by South Korea's National Pension Fund, advised by Blake Dawson.
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