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Two firms advise on towering deal
GE Capital Real Estate has sold seven office towers to Mirvac Group for $584 million.
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Firms: Corrs Chambers Westgarth (Mirvac Group); King & Wood Mallesons (GE Capital Real Estate)
Area: Real estate
Value: $584 million
Key players: Corrs property and indirect tax teams advised on the transaction. The teams consisted of: Peter Calov, Natalie Bryant, Craig Milner, Gary Chiert, Rebecca Strom, Alan Churley, Andrew Leadston, Kieran Egan, Simon Doyle, Rachel Sudders, Alex Clarke, Lauren Lelasi, Tania Liu, Kelly Robinson, Neil Witkowski, Kimberley Levi and Maureen Joseph. The King & Wood Mallesons team was led by real estate partner Andrew Norman (pictured) and senior associate Suzi Stanicic, who were supported by senior associate Mark Bayliss and solicitors Jerome Martin and Andrew Cork
Deal significance: Under the deal, Mirvac will acquire five properties situated in Sydney’s CBD, as well two A-grade landmark assets – Allendale Square in Perth and 90 Collins Street in Melbourne. The transaction takes the value of Mirvac’s office portfolio to 32 properties worth more than $4.1 billion. The transaction aligns with Mirvac’s new strategic review and the focus on the purchase and development of office assets in prime-grade CBD areas. Corrs Sydney partner Peter Calov said: “We are delighted to participate in this significant transaction which is a manifestation of Mirvac’s strategic direction. This fast-moving transaction involved teams across three Corrs offices to deliver an outcome for the client.” King & Wood Mallesons’ lead partner Andrew Norman said: “We are pleased to have supported our long -term client on this strategic divestment. The structured nature of GE’s underwriting of income for vacant areas and refurbishment arrangements for one of the properties, and the tight timeframes, made this transaction particularly complex and challenging to work on.”
