Major firms guide global financial services group on Sydney building’s acquisition

The deal “recognises the premium position and cultural significance Martin Place holds in Sydney and Australian real estate”

Major firms guide global financial services group on Sydney building’s acquisition
Peter Calov, Corrs Chambers Westgarth; Emma Kendall, DLA Piper

Corrs Chambers Westgarth and DLA Piper have confirmed their roles in the acquisition of Sydney building project 39 Martin Place by Manulife Financial Corporation and Investa Commercial Property Fund.

The 50/50 joint venture secured the right to 100% interest in the project from Macquarie Group Limited. 39 Martin Place, located in the Sydney CBD, will be situated right above the Martin Place metro station’s southern entrance.

“This deal recognises the premium position and cultural significance Martin Place holds in Sydney and Australian real estate,” said DLA Piper investment funds partner Emma Kendall, who led the firm’s team in advising Manulife.

The significance of the transaction was echoed by Corrs lead partner Peter Calov, who said that the development “reflects the strength and resilience of the real estate market in the Sydney CBD.”

Over 28 levels, 39 Martin Place is expected to generate 3,000 square metres of office space and 2,000 square metres of retail space. Kendall praised Manulife and Investa’s approach to green building status, while Calov referred to the project as a landmark development.

“The acquisition of the building will build upon Manulife’s continued focus on expanding across the Asia-Pacific region and high-quality assets, supported by strong long-term macro and demographic prospects,” DLA Piper said.

Kendall’s team comprised senior associate Matthew Parkinson, real estate consultant Les Koltai, partner Kate Pickthall, special counsel Robyn Rogers and tax partner Eddie Ahn.

Calov, who focuses on property and real estate at Corrs, headed up a multidisciplinary team alongside fellow partners Chris Campbell (property and real estate and projects), Robert Clarke (financial sponsors group), Simon Reid (banking and finance) and Mark Payne (tax). The Corrs team guided Manulife and Investa in all aspects of the transaction.

39 Martin Place is scheduled for completion in 2024.

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

UK-Australia free trade agreement allows lawyers to practise in both jurisdictions

Corrs expands partnership in promotions round

HFW Singapore lures master mariner from Reed Smith

Final call for Australia’s top boutique firms

‘Being a commercial lawyer is about more than just the law,’ Lander & Rogers partner says

Linklaters fights dismissal accusation by ex- paralegal before UK employment tribunal

Most Read Articles

Australasian Law Awards 2021 crowns the winners of the deal categories

Australasian Law Awards 2021 crowns the winners of the in-house categories

Australasian Law Awards 2021 crowns the winners of the industry and firm categories

Sydney trademark law star named NRF’s new global IP head