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Telstra Exchange site sold
Two firms have advised on a Malaysian developer’s record-breaking acquisition of a Telstra Exchange site in the Melbourne CBD.
Lara Bullock
Firms: Herbert Smith Freehills (S P Setia); Arnold Bloch Leibler (Telstra)
Value: $101 million
Area: M&A
Key players: The Herbert Smith Freehills team was led by partner David Sinn (pictured), who was supported by senior associate Adrian Jones.
Deal significance: Malaysia’s biggest listed developer, S P Setia, acquired a 400 square metre Telstra Exchange site in the Melbourne CBD overlooking Carlton Gardens and fronting both Exhibition and La Trobe Streets.
According to Herbert Smith Freehills, the $101 million deal marks a record-breaking price tag for a Melbourne CBD land purchase.
The acquisition follows the developer’s successful Fulton Lane and Parque developments in inner-city Melbourne, and recent acquisitions in the Melbourne suburbs of Carnegie and Prahran.
"We were pleased to assist S P Setia in securing this landmark site against stiff competition from a number of local and international developers," HSF lead partner David Sinn said.
"This record-breaking result shows the continued appetite for premium development sites in the Melbourne CBD."
