The $314m deal is the investor’s first Australian property purchase
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Allens has helped a Hong Kong diamond importer on its first purchase of Australian property.
The firm tapped its real estate team to advise Foo Hang Jewellery (FHJ) on its purchase of 595 Collins Street in Melbourne for $314m. The office complex, which was acquired from South Korea’s National Pension Service, is composed of two interconnected 20-storey towers.
The firm said that it advised on all aspects of the acquisition, which included handling contract negotiations and applying for regulatory approval.
Tim Chislett, managing associate and head of the deal team, said that the acquisition is one of the largest property transactions in Melbourne over the past year. The Allens team also included associate Olivia Roslaniec and solicitor Will Rennick.
“Offshore investors are continuing to show strong interest in Australia's premier office towers and we were delighted to support FHJ with this acquisition,” he said.
