Deal: Rest has been advised on its acquisition of a one-third stake in Sydney’s Quarter Tower redevelopment.

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.

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“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.”