Herbert Smith Freehills has advised TC Advisors Australia Investment Management Pty Ltd (“TrustCapital Advisors”) on the portfolio sale of five premium office assets in Sydney, Melbourne and Brisbane valued at a total of A$727 million to multiple purchasers.
The portfolio consisted of 469 La Trobe Street, Melbourne, 850 Collins Street, Melbourne, 575 Bourke Street, Melbourne, 50 Pitt Street, Sydney and 150 Charlotte Street, Brisbane.
This deal is in addition to TrustCapital Advisors’ sale of 50 Marcus Clarke Street, Canberra and 50 Ann Street, Brisbane earlier this year, and brings the total sale to $1.2 billion for TrustCapital Advisors for this financial year.
The Herbert Smith Freehills team was led by senior associate Jean Liu and solicitor Emma Larkin, under partner David Sinn.
“We were delighted to help TrustCapital Advisors achieve such a successful outcome for the sale of these five assets,” Mr Sinn said.
“These sales demonstrate the strong market appetite for quality CBD assets, particularly along the east coast of Australia. We expect we will continue to see high levels of transaction activity in the real estate market in 2018.”
The deal is another example of Herbert Smith Freehills’ market-leading work in the real estate sector. Other recent examples include:
• Advising M&G Real Estate Asia on the $180 million sale of QBE House in Melbourne and the company’s $120 million acquisition of HQ South Tower in Brisbane.
• Acting as international counsel for Queensland Investment Corporation (QIC) on the $2 billion acquisition of Forest City Realty Trust Inc.