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$800 million CBD development deal

Sparke Helmore, Allens, Mallesons and Clayton Utz have acted on the acquisition by GPT Group (Sparke Helmore) of a 50 per cent interest, at a total value of $800 million, in a joint venture with…

user iconLawyers Weekly • 21 April 2010 • Big Law
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Sparke Helmore, Allens, Mallesons and Clayton Utz have acted on the acquisition by GPT Group (Sparke Helmore) of a 50 per cent interest, at a total value of $800 million, in a joint venture with Grocon (Mallesons) to develop a site located at 168 Castlereagh Street in Sydney's CBD.

 
 

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The site is to be transformed into a 43-storey office tower in a co-ownership arrangement with a Grocon entity, with LaSalle (Allens) acquiring the remaining 50 per cent interest in the development.

Leading partner from Sparke Helmore Theo Cassimatis said of the transaction: "The deal is very significant in the current climate, and signals strong interest in the Australian property market on the back of a comparatively strong economy and Australian dollar.

"If this investment trend continues it could see the Australian property market emerge from the slump of the last several years."

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