$270m tower purchase completed with help from Colin Biggers & Paisley

Property pros help Australian client expand asset-management portfolio with major acquisition in Sydney

$270m tower purchase completed with help from Colin Biggers & Paisley

Colin Biggers & Paisley was the legal counsel of Poly Australia in its $270m acquisition of 59 Goulburn Street in Sydney.

The firm’s team was headed by corporate and commercial partner Connie Chen, who was supported by Duane Keighran, deputy head of the national property and development practice.

The team also included senior associate Morgen Kerry, partner Jon Meadmore and special counsel Hamish Ratten of the corporate and commercial practice, and partner Kate Craig of the banking and finance practice.

Chen said that the deal is significant since it is part of Poly Australia’s plan to expand its asset-management portfolio in Australia to include high-quality real estate assets with strong value-add potential. Colin Biggers & Paisley also advised Poly Australia on its first debt fund transaction.

Established in Sydney in 2015, Poly Australia has expanded across New South Wales, Victoria, and Queensland. The company acquired the tower in the Haymarket suburb of Sydney from Singapore’s SC Capital Partners.

Last year, Colin Biggers & Paisley’s hotels, tourism, and hospitality team advised the purchases of the Rydges Esplanade in Cairns, which was acquired for $65m. That team was headed by Keighran and also included Meadmore and Kerry.

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