DLA Piper has advised long-standing client Investa Commercial Property Fund on its full acquisition of the Maritime Trade Tower at 201 Kent Street, Sydney.
Invest Commercial Property Fund has purchased the additional 50 per cent of the property for AUD173m (£94m) from DEXUS Property Group.
The acquisition is the latest in a string of Invest Commercial Property Fund deals in the past 12 months; the fund has acquired assets worth more than AUD313m in the last financial year.
201 Kent Street, Sydney, is an A-grade office building located in the growing western corridor of Sydney. The property comprises 39,932m² of office and retail space and incorporates the 35-level Aon Tower and the heritage-listed Grafton Bond building. Key tenants include Aon and Austrade.
The Sydney CBD western corridor where the building is located is undergoing a transformation, following relocation of key corporate tenants to new buildings in the area and the Barangaroo urban renewal project. The fund anticipates that this will deliver improvements in local amenities and rental upside over the longer term for the asset.
The DLA Piper team included partner and real-estate practice group head Les Koltai and senior associate Astrid Beemster, as well as taxation partners Jock McCormack and Matthew Cridland and senior associate Eddie Ahn.