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Investa Commercial and Manulife enter joint venture for Sydney property
Investa Commercial and Manulife have been assisted by Corrs Chambers Westgarth and DLA Piper in the acquisition of property in Martin Place, Sydney.
Naomi Neilson
Firm: Corrs Chambers Westgarth and DLA Piper (Investa Commercial Property Fund and Manulife Financial Corporation)
Value: N/A.
Area: Property, joint venture.
Key players: The Corrs cross-practice team was led by partners Peter Calov, Chris Campbell, Robert Clarke, Simon Reid and Mark Payne.
The DLA Piper team was led by partner Emma Kendall and senior associate Matthew Parkinson, consultant Les Koltai, partner Kate Pickthall, special counsel Robyn Rogers and partner Eddie Ahn.
Deal significance: The project, delivered as part of the Martin Place metro station, is expected to reach completion in 2014 and will span 28 levels of 3,000 square metres of office and 2,000 square metres of retail space. It will sit above the southern entrance of the new Martin Place metro.
The acquisition will build on Manulife’s continued focus on expanding across the Asia-Pacific region and high-quality assets, supported by strong long-term macro and demographic prospects.
Commenting on the deal, Corrs’ Mr Calov said: “We are delighted to have worked with the Investa and Manulife teams on this landmark development and we are excited to see the project being delivered over the coming years. The development reflects the strength and resilience of the real estate market in the Sydney CBD.”
DLA Piper partner Ms Kendall said: “This deal recognises the premium position and cultural significance Martin Place holds in Sydney and Australian real estate. We applaud Manulife and ICPF’s approach to green building status and are delighted to partner with Manulife on its investment of this new landmark commercial centre.”
Naomi Neilson
Naomi Neilson is a senior journalist with a focus on court reporting for Lawyers Weekly.
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