Freehills has advised Malaysian company Kumpulan Wang Persaraan (Diperbadankan) (KWAP) on its recently completed $113 million acquisition of 737 Bourke Street, Docklands, Melbourne from Equiset, a Grollo company advised by Mallesons Stephen Jaques.
The property is a new 12 story, A-grade property in Melbourne's heartland, consisting predominantly of office space with some ground floor retail outlets.
Freehills advised on the Australian corporate, funds and property aspects of the acquisition, coordinating advice from the Sydney and Melbourne offices.
RREEF, the real estate investment management business of Deutsche Bank's Asset Management division, was recently appointed by KWAP to act as its regional investment advisor. Freehills worked closely with the RREEF team in Australia and Hong Kong to negotiate and complete the acquisition.
Freehills corporate partner Matthew Stutsel said: "This deal shows that foreign interest in Australian property continues its upward trend despite exorbitant hedge costs and ongoing limits on the availability of local debt."
Sydney-based Stutsel led the Freehills team, advising KWAP on the corporate funds management and structuring aspects of the transaction, along with solicitor Katherine Bennett. Melbourne-based partner David Sinn advised on the property aspects of the transaction with solicitor Sebastian Renato.