It is the biggest Australian property deal to date in 2020, the firm says
Clayton Utz has assisted in the sale of an interest in Melbourne’s Rialto Tower for $643m.
The firm represented St Martins Property as it relinquished its 50% interest in the iconic skyscraper to Dexus Wholesale Management Limited. St Martins Property is owned by the government of Kuwait, according to The Sydney Morning Herald.
The exchange took place just six weeks after the heads of agreement for the sale was signed in February, Clayton Utz said. Following the sale, Dexus becomes co-owner of the building alongside Grollo Australia Pty Ltd.
Dexus had formed a joint venture with Singapore sovereign wealth fund GIC to facilitate the transaction, which was completed on 3 June.
“It is a credit to the parties and deal teams involved that we were able to achieve a successful completion within the timeframe we did. Our client is very pleased with the outcome, and we're pleased to have been a part of such a landmark deal,” said Clayton Utz partner Andrew Norman, who led the firm’s team on the transaction.
He was supported by special counsel Jerome Martin, senior associates Angus Roy and Nick Chan and lawyer Henry Matthys.
Norman said the success of the deal is a strong positive sign for the property industry in Australia.
“The property sector has been hit hard by COVID-19. There are not many Rialtos, but as restrictions start to loosen, a transaction like this can put some bounce right back into the whole sector,” he said.