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GPT Group gives up MLC Centre co-ownership
Herbert Smith Freehills has advised publicly-listed real estate investment trust The GPT Group on its sale of a 50 per cent interest in Sydney’s MLC Centre.
Grace Ormsby
Firm: Herbert Smith Freehills
Value: $800 million
Area: Real Estate, Corporate
Key players: The Herbert Smith Freehills team was led by Partner Nicholas Cowie and executive counsel Leone Costigan.
Support was provided by solicitors Matthew Wertheimer and Brigitte Rheinberger with licensed conveyancer Suzanne Telfer.
Deal significance: The GPT Group’s sale of its 50 per cent interest in Sydney’s MLC Centre to the Dexus Wholesale Property Fund will see Dexus owning 100 per cent of the asset, subject to completion, according to Herbert Smith Freehills.
Before the sale agreement, Dexus Wholesale Property Fund and The GPT Group each owned 50 per cent stakes.
The sale was effected pursuant to pre-emptive rights in the co-ownership agreements, the firm said in a statement.
Both Dexus and GPT had ambitious time frames for entering into the contract, it was noted.
Herbert Smith Freehills said was able to use its extensive knowledge of the asset from previous roles on the buy-and-sell side and established relationships to assist GPT to meet those time frames, and provided advice in relation to pre-emptive rights, the subsequent sale process, and the negotiation of the contract.
Mr Cowie expressed his delight at being able to assist GPT “in the disposal of such a significant asset which has had such a long history in the GPT Group portfolio”.
“The GPT and Herbert Smith Freehills teams worked together to produce GPT’s desired commercial result in a collaborative, commercial and efficient manner,” he continued.
