Gadens acts on Australian Unity Office Fund's acquisition of 150 Charlotte Street, Brisbane

 

Gadens in Melbourne has acted for Australian Unity Office Fund in relation to its acquisition of 150 Charlotte Street, Brisbane.

Gadens was engaged to undertake a comprehensive legal due diligence, negotiate the terms of the contract of sale for the property and provide advice in relation to stamp duty and insurance aspects of the transaction.

Deal value: $105 million

Deal area: Property – Office, Commercial

Practice groups involved: Property

Key players: Gadens partner Andrew Kennedy led the transaction and was supported by Janine Perry (Senior Associate), Jasmine Andrews (Senior Associate) and Cassandra Krylov (Lawyer).

Deal significance:

Australian Unity Office Fund purchased the building from Singapore-based Trust Capital Advisors (TCA) as part of TCA's $700m sale of five office assets along Australia's eastern seaboard.

150 Charlotte Street is located in the heart of Brisbane's CBD adjacent to the 'Golden Triangle' district. Comprising of 18 levels of office space, the building is completely occupied with a 5.7 weighted average lease expiry. Major tenants include Boeing Defence Australia and the Commonwealth of Australia.

Gadens partner Andrew Kennedy says:

"We are pleased to have been able to assist Australian Unity Office Fund with this deal. The purchase not only complements their fund strategy and existing portfolio, but also capitalises on an opportunity in the improving Brisbane office market”.

Grant Nichols, Fund Manager of Australian Unity Office Fund says:

"The team at Gadens were of great assistance to us in getting this deal done. The team was commercial and solutions-focused and have an excellent understanding of both our business and the property market in Australia. I was particularly impressed by their depth of capability and ability to address the full range of issues which was instrumental to the successful completion of this transaction."

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Contacts

For more information, contact:

Andrew Kennedy
Partner, National Head of Property
T: +61 3 9612 8265
M: +61 419 303 615
E: andrew.kennedy@gadens.com

Russell Fox
Head of Business Development & Marketing
T: +61 3 9612 8285
M: +61 3 415 500 753
E: russell.fox@gadens.com

About Gadens

Gadens is a leading, independent top 10 Australian law firm with over 700 people, including 92 partners. The firm regularly undertakes highly complex and day-to-day legal matters for a wide range of clients. These include major Australian and multi-national organisations – Gadens is advisor to more than a quarter of the Top 200 companies listed on the ASX – as well as small to medium sized businesses.

Well regarded for our specialist, market-leading practices, we work with clients across a number of industry specialisations. Our significant breadth and depth of expertise encompasses banking and finance, corporate advisory and tax, dispute resolution, employment advisory, government, intellectual property and technology, private clients, property and construction, planning and environment and recovery and insolvency. Gadens has worked on some of the largest transactions in the Australian property marketing including for example the largest ever office investment sale in Melbourne (Cbus' sale of CBW to GPT) and the largest ever single-tenant office investment sale in Australia (Cbus' sale of 700 Bourke St to AMP Capital).

 


This update does not constitute legal advice and should not be relied upon as such. It is intended only to provide a summary and general overview on matters of interest and it is not intended to be comprehensive. You should seek legal or other professional advice before acting or relying on any of the content.