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Three firms advise on Valley deal
DLA Piper, Freehills and DibbsBarker have advised on a mixed use development to be built in Brisbane by The Carlyle Group and Leighton Properties
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Firms: DLA Piper (The Carlyle Group), Freehills (Leighton Properties), DibbsBarker (UOB Bank)
Area: Property
Value: $150 million
Key players: The DLA Piper team was led by Brisbane real estate partner Rod Besley (pictured), with assistance from Mahoney Smith, Michael Gill and Stephen Ross, as well as from Brisbane corporate partner Jim Holding. The Freehills property team was led by partner Luke Simpson and supported by Leone Costigan (senior associate) and Margaret Mertens Special Counsel). The Freehills banking team was led by Partner Erin Wakelin supported by Chris Floreani (Solicitor).
Deal significance: The development, called 'Mosaic', will feature an 18-storey residential tower comprising 212 apartments, more than 3,500 square metres of retail, plus commercial space and a proposed 48-room boutique hotel. Fifty-four per cent of the tower has already been pre-sold, while 30 per cent of the commercial space has been pre-committed. Completion and settlements are anticipated to start during the first quarter of 2014.
"This is the fifth tower development that Leighton’s has delivered in the Fortitude Valley in the past five years ... " said Simpson.
