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Melbourne’s Myer building acquired
Arnold Bloch Leibler has advised two property groups on their acquisition of a one-third interest in Melbourne’s historic Myer building.
Emma Musgrave
Firm: Arnold Bloch Leibler (Charter Hall Group and Abacus Property Group).
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Deal: Charter Hall Group and Abacus Property Group have acquired a one-third interest in the Myer Melbourne building.
Value: $270 million.
Area: M&A, property.
Key players: Arnold Bloch Leibler property and development partner Tyrone McCarthy led the team, with support offered by senior associate Brianna Youngson and lawyer Catherine Outridge.
Deal significance: Following settlement of this transaction Charter Hall and Abacus will be co-owners alongside existing manager and one-third co-owner Vicinity Centres.
“We are delighted to have advised Charter Hall and Abacus in securing ownership interests in one of Melbourne CBD’s most landmark buildings,” Arnold Bloch Leibler lead partner Mr McCarthy said.
Commenting on behalf of Abacus, managing director Steven Sewell said: “This transaction aligns with our strategic priority of acquiring commercial assets in select locations where we see amenity and infrastructure improvements that we believe will ultimately translate to strong tenant demand.”
Meanwhile, Avi Anger, commenting on behalf of Charter Hall, noted: “The Myer Bourke Street Mall property in Melbourne, which together with CLW’s existing investment in the David Jones Castlereagh Street store in Sydney, represent two of Australia’s most iconic CBD buildings.”
