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Propertylink sells two industrial properties
Two firms have advised on a deal which saw Propertylink sell two of its industrial properties located in Victoria and Queensland.
Emma Musgrave
Firms: Herbert Smith Freehills (Propertylink); King & Wood Mallesons (Deutsche Asset Management)
Value: $73.1 million
Area: M&A
Key players: The Herbert Smith Freehills team was led by partner Michael Back (pictured) and executive counsel Leone Costigan, with assistance from partner Phillip McMahon, consultant David Stitt, Greenwoods & Herbert Smith Freehills director Daniel Sydes and solicitor Danica Corbett.
Deal significance: The Victorian industrial property is located in the outer Melbourne suburb of Derrimut, while the Queensland industrial property is located in the outer Brisbane suburb of Parkinson.
The Derrimut property sold for $36 million, while the Parkinson property sold for $37.1 million.
Both properties were refrigerated logistics warehouses tenanted by Rand Refrigerated Logistics, and were owned in a trust structure set up to meet Islamic financing requirements when the properties were originally acquired. The trust will close following the sale.
According to Herbert Smith Freehills partner Michael Back, his team advised on complex legal arrangements to ensure that the trust was terminated in accordance with the original Islamic financing arrangements to ensure a clean return of capital.
Furthermore, he noted that his team advised on the preparation, negotiation and completion of the sales contracts.
“We were delighted to advise Propertylink on these two sales, which had been among the most significant industrial deals so far this year,” Mr Back said.
“The sales are a sign of what’s to come in the industrial property market for 2017, with investors taking a strong interest in the sector.”
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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