Allens property sale transactions mark new signs of life
23 February 2010
Allens Arthur Robinson (Allens) has acted for Grosvenor Australia (Grosvenor), part of the international property development and investment group, on two recent office property sales, signifying new signs of life in the market.
The first transaction involved the sale of a Parramatta office tower – 25 Smith Street, Sydney – to a private investor for A$48.4 million. The sale is due to complete later this year.
In December, Grosvenor sold the building housing their Sydney office – 20 Hunter Street, Sydney – for A$77 million to Hong Kong-based CLSA Capital Partners, a specialist private equity investment management firm.
The Parramatta office tower was a joint venture development between Leighton Properties and Grosvenor Australia. Allens acted on the establishment of the joint venture, acquisition of the site, development, leasing, financing and subsequently the sale.
Similarly, Allens acted throughout the lifecycle of Grosvenor's ownership of the Hunter Street building, having acted on the purchase, leasing and now sale.
Allens' relationship with Grosvenor dates back to their arrival in Australia in 1968, and Partner Victoria Holthouse, who led on the recent transactions, has worked on Grosvenor's property portfolio since 2002.
According to Ms Holthouse, both sales have come at a time when there was very little activity in the Sydney office property sector, making them two of the significant city disposals in the past six months.
'These transactions show that there is new life in the property sector – especially in Sydney,' said Ms Holthouse.
'Allens was very pleased to act for Grosvenor across the entire lifecycle of these projects, from purchase to sale.
'We are delighted to be able to continue to support the Grosvenor Group as they look for new opportunities in 2010.'
Ends
| Client | Grosvenor Australia |
| Deal value | $48.4 million and A$77 million |
| Allens legal team | Victoria Holthouse (Partner – Sydney), Jayne Fullerton (Senior Overseas Practitioner – Sydney) and Patty Tooze (Paralegal – Sydney) |
For further information, please contact:
- Jane FoleyCorporate Communications Coordinator,
Melbourne
Ph: +61 3 9613 8503
Jane.Foley@aar.com.au
Notes for editors.
Allens Arthur Robinson has staff in 14 cities and eight countries across the Asia Pacific.
