Deal profile I Gadens acts on Australian Unity Office Fund’s acquisition of 150 Charlotte Street, Brisbane
25 October 2017
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).
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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