Herbert Smith Freehills is delighted to have advised The GPT Group (ASX: GPT) (GPT) on its A$531.3 million acquisition of a 25 per cent interest in the Darling Park 1 & 2 office complex and Cockle Bay Wharf, Sydney.
GPT is one of Australia’s largest diversified property groups and a top 50 ASX listed company by market capitalisation, who owns and manages a A$24 billion portfolio of retail, office and logistics property assets across Australia.
Darling Park 1 & 2 form part of the landmark Darling Park complex located in Sydney’s popular Darling Harbour precinct. The asset comprises two premium grade office buildings and a retail and entertainment complex, known as Cockle Bay Wharf.
Through the acquisition, GPT has also secured a 25 per cent interest in the proposed Cockle Bay Park development. The development, which recently received a Stage 1 planning approval, will comprise approximately 63,000 square metres of premium office accommodation and 10,000 square metres of retail and entertainment space.
The Herbert Smith Freehills team was led by partner Robert Bileckij, with consultant James Graham, senior associate William Hickey and solicitor Curtis Vella also advising on the transaction.
Herbert Smith Freehills worked closely with the GPT legal team led by Senior Legal Counsel, Emma Le Coic.
Mr Bileckij said, “I would like to congratulate The GPT Group on a successful transaction. It has been a pleasure working with Emma and the broader GPT team on this important strategic investment. The close collaboration between our teams was a highlight.”