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Freehills lands year's biggest property deal

Freehills lands year's biggest property deal

In what is the largest property sale in Australia this year, Freehills has acted for Malaysian sovereign wealth fund Permodalan Nasional Berhad (PNB) on its $287 million purchase of Brisbane's…

In what is the largest property sale in Australia this year, Freehills has acted for Malaysian sovereign wealth fund Permodalan Nasional Berhad (PNB) on its $287 million purchase of Brisbane's Santos Place.

Completion of the acquisition was effected on 13 August 2010 and is PNB's first international property acquisition and its first acquisition in Australia.

"This sale will give a significant boost to the Brisbane office market while at the same time introducing a major new international player to the Australian property market," said Freehills partner Michael Back.

PNB defeated numerous competitors to purchase the 36 storey, 35,000 square metre building which opened in August 2009.

The building is over 95 per cent let and has several major tenants, including Santos and Aurecon.

PNB was incorporated in 1978 as part of the government's economic policy to promote share ownership in the corporate sector on behalf of Malaysia's indigenous Bumiputra people, and is now a $54 billion investment group.

Freehills advised PNB on all aspects of the transaction, including due diligence, negotiations with the vendor and the vendor's agent, and all relevant government agencies, including FIRB.

The Freehills team was led by partner Michael Back and senior associate Julie Jankowski.

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