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Dexus drops almost $1.5bn on Melbourne precinct
MinterEllison has advised a real estate group on the acquisition and development of Melbourne’s 80 Collins precinct.
Grace Ormsby
Firm: MinterEllison (Dexus)
Value: $1.476 billion
Area: Real estate, property
Key players: A firm-wide MinterEllison team was led by partners Nicole Green, Wissam Abwi and Elizabeth McKechnie.
Support was provided by partners Anthony Poynton and Keith Rovers, with special counsel, senior associates, associates, lawyers and graduates across both Sydney and Melbourne offices.
Deal significance: Dexus is one of Australia’s leading real estate groups, MinterEllison noted, and manages an Australian property portfolio valued at nearly $29 billion.
The 80 Collins precinct is located in the eastern core of Melbourne CBD and covers 105,000 square metres.
It comprises an existing 47-level A-grade office tower, formerly known as Nauru House, a new 35-level premium office tower, a new retail podium and a 255-room boutique hotel, a statement said, with new components currently under development.
MinterEllison said it advised on the acquisition, before guiding Dexus on all aspects of the new tower and development, which included completion of due diligence process.
As a result of the acquisition, Dexus will acquire a 75 per cent ownership interest in the precinct, while Dexus Wholesale Property Fund will hold the remaining 25 per cent.
“It has been a privilege to work on such a complex deal to help our client secure this landmark property,” said partner Wissam Abwi.
“We were able to deliver a successful outcome for all parties by navigating various legal and commercial risks across corporate, construction, property and finance matters.”
