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