Commercial property stays strong

As forecasted, the commercial property sector has continued to remain healthy with another international investment in the Australian market being completed

Commercial property stays strong
As forecasted, the commercial property sector has continued to remain healthy with another international investment in the Australian market being completed.
 
A German real estate investment company has purchased a large mixed-purpose Brisbane commercial property for $200 million.
 
The Union Investment Real Estate GmbH acquired the Flight Centre Travel Group Headquarter Development on Brisbane’s South Bank.
 
Union Investment was advised by DLA Piper, which was led by real estate partner Les Koltai. 

The 16 storey office building with a retail component is being developed by Brisbane's Anthony John Group as part of its $590 million Southpoint project at South Bank.
 
Last month Koltai told Australasian Lawyer that the overall outlook for commercial real estate was positive.
 
“The signs are good that there’s an active market for investors over the next 12 months,” Koltai said. 
 
The development is expected to be one of Queensland's largest mixed-use developments and will include a boutique hotel, apartments, restaurants, bars and an upgrade of public transport infrastructure.

The deal also involved work from several other firms representing the various parties involved.

King & Wood Mallesons acted for South Bank Corporation.

Herbert Smith Freehills acted for Flight Centre Limited

Allens Linklaters acted for Anthony John Group

Minter Ellison acted for Anthony John Group in relation to Woolworths tenancy

Corrs Chambers Westgarth acted for Woolworths

Ashurst acted for the State of Queensland.

 

Recent articles & video

Gilchrist Connell receives recognition as a family inclusive workplace

Litera teams up with legal-centred enterprise relationship management platform

Ashurst adds team of five to energy and infrastructure offering

BlueRock puts spin on new family law offering

G+T advises on sale of Australia's largest used car operator

Taco Bell fights for liberation of 'Taco Tuesdays'

Most Read Articles

Allen & Overy and Shearman & Sterling reveal ‘game-changing’ merger plan

Clyde & Co extends improved parental leave benefits across globe

IPONZ ends manuka honey trade mark battle

Thomson Reuters upends legal drafting with Microsoft Word AI integration