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$200m for Queen St building
A Boston-based real estate investment manager has purchased a commercial office building in Melbourne’s Queen Street.
Grace Ormsby
Firm: Baker McKenzie (AEW Capital Management LP)
Value: More than $200 million
Area: Real estate, M&A
Key players: Baker McKenzie’s team was led by corporate real estate partners Roy Melick in Sydney and Dora Stilianos in Melbourne, with assistance provided by Michael Diston, James Geremia and Rachel Brownlee. Special counsel Leo Vellis, with Brenton Worth supporting, advised on deal structuring. Financing advice was provided by special counsel Adam Jeffrey, with assistance from Elizabeth Athanassios.
Deal Significance: According to Baker McKenzie, Boston-based AEW Capital Management is one of the largest real estate investment managers in the world.
With a purchase price in excess of $200 million, AEW Capital Management has acquired a commercial office building at 31 Queen Street, Melbourne, it was noted.
Baker McKenzie flagged that AEW Capital Management has US$74.8 billion in assets under management globally and has recently grown its Australian portfolio through a series of major acquisitions.
Commenting on the deal, Roy Melick said: “We were delighted to have acted for our client, AEW, on what was a significant and opportune commercial real estate acquisition in the very competitive Melbourne commercial property market.”
