Blake Dawson and Freehills have advised on a joint venture investment in Australian real estate.
The new joint venture is between Abacus and a private client of AM alpha GmbH, a Munich-based private investment advisory firm. The joint venture will acquire 309 George Street, Sydney.
Freehills partner Justin O'Farrell led the team working with Abacus, supported by solicitor Laura Walsh.
The purchase price for the property near Wynyard station will be approximately $70 million with Abacus to hold 25 per cent of the equity and AM alpha GmbH's client 75 per cent.
As part of the joint venture arrangements, Abacus will provide local development, operations management and property management.
"This joint venture continues the trend in the wholesale market of off-shore institutional investors seeking to invest directly in Australian real estate with a local partner that has expertise in the market," said O'Farrell.