Herbert Smith Freehills has advised Propertylink on the purchase of an industrial warehouse property in Western Sydney for A$46.6million.
Located at 205-231 Fairfield Road, Yennora, the headline tenant is online fashion retailer, The Iconic. There are also three other tenants and the property will be added to an existing Propertylink industrial property fund.
Herbert Smith Freehills also advised Propertylink in relation to its Foreign Investment Review Board (FIRB) application and the debt financing required to complete the purchase.
The firm’s team was led by partners Michael Back, Phillip McMahon and executive counsel Leone Costigan. They were supported by partner Philip Podzebenko and solicitors Danica Corbett and Robbie Ahchee.
Michael Back said: “We were delighted to advise Propertylink on this acquisition and help them secure another strong asset to the property fund. The purchase comes as we are seeing continued demand for high quality industrial properties, particularly in areas of low supply such as Sydney.”
The vendor was advised by Grogan & Webb and the incoming financier was advised by King & Wood Mallesons.
This deal is another example of Herbert Smith Freehills’ market-leading work in the real estate sector. Other recent examples include:
- advising on the A$76 million sale of a prime office asset in Sydney’s on behalf of funds managed by the Brompton Asset Management Group in London;
- advising Growthpoint Properties Australia on the sale of an industry property portfolio for $142.2 million to Singapore-listed Mapletree Logistics Trust;
- advising M&G Real Estate Asia PTE on the acquisition of Casey Central Shopping Centre south east of Melbourne; and
- advising Coles on the sale of Coburg North village in Melbourne’s inner north.