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Rest makes its largest-ever property transaction
Allens has advised Rest on a multimillion-dollar acquisition, which sees it acquire one-third stake in Sydney’s Quarter Tower redevelopment.
Emma Musgrave
Firms: Allens (Rest)
Value: Approximately $900 million.
Area: Property
Key players: The Allens legal team was led by partner Michael Graves, with assistance from partners Geoff Sanders, Warwick Newell and Martin Fry, senior associate Andrea Reeves, managing associates Jess Choong and Lisa Zhou, senior tax counsel Jennee Chan, and associates Philip Marquet and Raj Patel.
Deal significance: This deal represents the largest property transaction ever undertaken by Rest, according to a statement from Allens.
The deal sees Rest join two AMP Capital managed funds with equal stakes in the $2.7 billion project, which will ultimately see the existing AMP Centre tower and two Circular Quay blocks redeveloped into a 50-level premium grade skyscraper.
“We are delighted to have advised Rest on this landmark transaction, which has the potential to deliver significant long-term returns for Rest's members,” said Michael Graves, lead partner on the transaction.
“Along with its scale and complexity, this transaction is significant given Rest's willingness to look beyond traditional stabilised investments in order to access one of the best investment opportunities in the market.
“This is a trend we expect to see continue as super funds invest more heavily in property.”
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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