The $85m deal is the first acquisition of a new fund
K&L Gates has advised Real I.S. on the acquisition of a building in Adelaide.
Real I.S., which has more than €7bn of assets under management, acquired 100 Waymouth Street for $85m. Active in Australia for 14 years, the company has been recently mandated by a group of institutional investors to build s diversified real estate portfolio in the country.
The 100 Waymouth Street acquisition is the first for the company’s newest Australia property fund, which will focus on office properties in major Australian cities, K&L Gates said. The fund is expected to reach a volume of $400m.
Real estate partner Samuel Brown headed the K&L Gates team. He was supported by special counsel Tracey Jordan, senior associate Karen Yuan and lawyer Eleni Brooks.
Partner Richard Gray advised on debt financing connected with the acquisition. Partner Matthew Cridland advised on indirect tax. Partner Adam Levine advised on Foreign Investment Review Board matters, supported by senior associate Natasha Augustin.
Brown said that the Adelaide acquisition is the latest in a number of significant real estate transactions K&L Gates has advised on in Australia in the last two years.