Herbert Smith Freehills has advised QIC on the sale of its 50 per cent share in the iconic MLC Centre, in Martin Place, Sydney, for A$722.5 million.
The sale was effected via an on-market campaign, with 31 bidders culminating in three fully negotiated bids. Herbert Smith Freehills assisted QIC in developing and implementing the sale strategy - from undertaking comprehensive vendor due diligence to drafting and negotiating the suite of sale documents and completing the transaction.
The project was complicated by the pre-emption and other requirements of the joint owners’ agreements and the fact that three major capital works projects were partially completed at the time of the sale. Despite these challenges the transaction proceeded from first bid to completion in just six weeks.
The Herbert Smith Freehills team was led by partner Kerry Heilbronn, supported by executive counsel Leone Costigan, and solicitor Danica Corbett.
Kerry Heilbronn said, ”By capitalising on Sydney’s strong leasing dynamic, the looming development of the Sydney metro rail line and the appetite for quality investments, QIC has again demonstrated that it is an agile investor, capable of taking advantage of strong market conditions for the benefit of its investors. We are delighted to have been involved in such a landmark transaction and to have played our part in this extraordinary outcome achieved by QIC.”
JLL and Savills jointly acted as selling agents for the sale.
This deal is another example of Herbert Smith Freehills’ market-leading work in the Real Estate sector. Other recent examples include the sale of the Home Hub centres at Castle Hill and Marsden Park for A$436 million, the sale of 320 Pitt Street, Sydney for A$280 million and the purchase of 417 St Kilda Road, Melbourne for A$150 million.