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Allens acts for LaSalle on new Sydney premium-grade development

7 April 2010

Allens Arthur Robinson (Allens) has acted for LaSalle Investment Management (LaSalle), one of the world's leading real estate investment managers, on its investment of a 25 per cent interest in the 42-storey premium-grade office tower development proposed for 163 Castlereagh Street, Sydney.

The development, which is to be developed and built by Grocon Developments, will ultimately be owned by a combined LaSalle/Grocon entity – owning 50 per cent of the development – with the remaining 50 per cent share being owned by GPT Wholesale Office Fund.

ANZ Bank and Freehills have signed agreements for lease as anchor tenants and Grocon Constructors have been commissioned to build the tower.

This is the first significant transaction in Australia on which Allens has advised LaSalle, with the firm documenting the structuring, acquisition, development and financing of LaSalle's investment in the project. The Allens team was led by Real Estate Partner Mark Stubbings, and included lawyers from the Real Estate Group, the Funds Management Group (led by Victoria Poole), the Construction Group (with Leighton O'Brien) and the Banking & Finance Group (Alan Maxton), along with Tax Partner Adrian Chek.

This transaction is the second major office tower development which Mr Stubbings and Allens' Sydney Real Estate Group has acted on in recent years, following the firm's involvement in DEXUS Property Group's office tower at 1 Bligh Street. The Allens' Brisbane office has also acted for DEXUS in its office tower development at 123 Albert Street, Brisbane.

According to Mr Stubbings, this most recent transaction comes at a time when the major players in the real estate industry are again starting to invest and develop in the Sydney office market following the Global Financial Crisis and Allens' National Real Estate Funds Management Group is seeing a strong pipeline of interesting work.

'We were very pleased to work with the LaSalle team in bringing this complex transaction to a successful completion for them in what was a very tight timeframe,' Mr Stubbings added.

Ends

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.