Herbert Smith Freehills has advised Growthpoint Properties Australia Limited (Growthpoint) on a $166 million acquisition of a fully-leased A-grade office building in South Melbourne, Victoria.
Located at 75 Dorcas Street, the 11 storey building is 100% leased to several high profile tenants, including ANZ, food conglomerate Mondelez and BMW. The newly renovated property forms part of Melbourne’s city fringe office market.
The Herbert Smith Freehills team was led by Head of Real Estate, Australia and Asia David Sinn, supported by solicitors Jean Liu and Emma Larkin.
”This acquisition is yet another substantial addition to Growthpoint’s $1.6 billion office portfolio across Australia,” David said.
Constructed in 2002, the property offers substantial attractions to tenants, including a recent refurbishment in 2015 and its location just 2km south of Melbourne’s CBD.
The deal is yet another example of the significant work of Herbert Smith Freehills’ Real Estate team and follows the team’s work last month advising S P Setia on a A$101 million acquisition of a Telstra Exchange site in Melbourne’s central CBD.
“We are currently experiencing a period of strong growth in the real estate sector, both in the Asia Pacific region and around the world. As one of the key sector groups of the firm globally, the real estate sector group is able to provide global clients with corporate and funds management knowledge and expertise, in addition to direct real estate expertise,” David said.
Growthpoint is an ASX-listed Australian Real Estate Investment Trust (A-REIT) specialising in the ownership and management of quality investment property.