Real estate team advises on A$76 million sale of prime St Leonards office building

Herbert Smith Freehills has advised on the A$76 million sale of a prime office asset in Sydney’s St Leonards on behalf of funds managed by the Brompton Asset Management Group in London.

Located at 72 Christie Street, the property was sold to Proprium Capital Partners (Australia) Pty Ltd, with settlement of the deal finalised last month.

The property is currently leased to WPP AUNZ Ltd (formerly known as STW Communications Group Limited).

The Herbert Smith Freehills team was led by Partner David Sinn and solicitor Hannah Stevens, with support from solicitor Joanne Wang.

David said: “It was great to work on this transaction which is another demonstration of the strength of the Australian real estate market and the strong interest from foreign buyers.”

Proprium Capital Partners (Australia) Pty Ltd was represented by King & Wood Mallesons.

This deal is another example of Herbert Smith Freehills’ market-leading work in the Real Estate sector. Other recent examples include:

• advising Growthpoint Properties Australia on the sale of an industry property portfolio for $142.2 million to Singapore-listed Mapletree Logistics Trust;
• advising M&G Real Estate Asia PTE on the acquisition of Casey Central Shopping Centre south east of Melbourne;
• advising Coles on the sale of Coburg North village in Melbourne’s inner north;
• advising ANZ on the sale of its landmark Melbourne Queens Street building for A$274 million; and
• advising Propertylink on its purchase of an industrial warehouse in Western Sydney for A$46.6 million.