Allens works on North Sydney office acquisition

A global property investor snaps up "prime" property, reportedly for $350m

Allens works on North Sydney office acquisition

Allens has advised a global property investor in the acquisition of what it described as a “prime office development” in North Sydney.

The firm advised CBRE Global Investors on its acquisition of an office tower currently being developed by Zurich Insurance Group, in a fund-through transaction for an unnamed German real estate spezialfond. Although Allens did not disclose the deal’s financials, reports say CBRE paid about $350m for the development.

The office tower, which is expected to be completed next year, will be the new headquarters of Zurich Financial Services Australia. It will feature first-class amenities, a rooftop terrace, and a lobby café, Allens said.

“Institutional investors, from Australia and around the world, are increasingly looking to acquire assets in North Sydney, a precinct that's transforming into one of Australia's key commercial hubs, said Michael Graves, lead partner.

In addition to Graves, the Allens real estate team also included managing associate Tim Chislett, and senior associates Avan Jussawalla, Helen Mallaby, and Ben van Weel.

The firm’s funds team included partner Geoff Sanders and senior associate Phil Marquet, while the banking and finance team included partner Warwick Newell and senior overseas practitioner Kirsty Mackay.

Allens said it advised on all aspects of the transaction including on arrangements for the acquisition, its finance, and the fund-through structure, Foreign Investment Review Board approval, and fund establishment.

Linklaters, the global alliance partner of Allens, advised on German law matters.

Michael Graves

Related stories

Free newsletter

Subscribe to our FREE newsletter service and we’ll keep you up-to-date with the latest breaking news, cutting edge opinion, and expert analysis affecting both your business and the industry as whole.

Please enter your email address below and click on Sign Up for daily newsletters from Australasian Lawyer.

Recent articles & video

Tax expert from Big 4 firm joins Clayton Utz’s partnership

Final week of nominations to In-House Leaders 2020

Major international firms band together to speed up tech use in global dispute resolution

KHQ Lawyers welcomes two to principal solicitor team in Melbourne

Pitcher Partners appoints one to principal, five to partnership

IBA condemns Hong Kong security law as ‘contrary to the norms of international law’

Most Read Articles

Mills Oakley welcomes three to partnership in major promotion round

HSF managing partner embraces innovation and technology in a COVID-19 world

KHQ Lawyers welcomes two to principal solicitor team in Melbourne

Kingston Reid elevates two to partner