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Real estate team advises Permodalan Nasional Berhad on Brisbane’s largest commercial office sale for 2017

21 December 2017 | Australia, Asia Pacific
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Herbert Smith Freehills has advised Permodalan Nasional Berhad, Malaysia’s largest fund manager, on the sale of Santos Place, with settlement of the deal finalised this month.

Located at 32 Turbot Street, Brisbane, the property was sold to Charter Hall for A$370 million, pursuant to a mandate from the Singaporean sovereign wealth fund, GIC.

The sale is the largest commercial office transaction in Brisbane this year. 

The Herbert Smith Freehills team was led by Partner Michael Back, with support from Executive Counsel Leone Costigan, senior associate Rebecca Elgar, solicitor Danica Corbett and solicitor Charlotte Pilcher.

Herbert Smith Freehills partner Michael Back said, “Herbert Smith Freehills has acted for Permodalan Nasional Berhad since they acquired the property in 2010. The sale was completed within a very tight timeframe following an international marketing campaign.”

“This transaction demonstrates the strength of the Brisbane commercial office market.”

Charter Hall was represented by Clayton Utz.

This deal is another example of Herbert Smith Freehills’ market-leading work in the Real Estate sector. Other recent examples include acting for:

•M&G Real Estate Asia on two concurrent deals with AFIAA Foundation for International Real Estate Investments involving A$300 million worth of Australian real estate assets;

•QIC on the A$722.5 million sale of a half interest in Sydney’s iconic MLC Centre;

•Property NSW on the sale of a A$170 million redevelopment site at Macquarie Park, Sydney; and

•Propertylink on the A$320 million sale of 320 Pitt Street, Sydney.

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