LAWYERS Herbert Smith Freehills has advised on the $105.1 million sale of 6-10 O’Connell St in Sydney’s CBD to Singapore-based MGPA.
The sale by the Private Property Syndicate, managed by Colonial First State Global Asset Management is one of the largest direct property sales during the third quarter of 2012.
The 29-storey B-grade office building was MGPA’s first acquisition in Australia. The complex comprises 14,601 sqm of space and is 92% occupied by 38 office tenants, as well as retail space on the ground floor.
Herbert Smith Freehills’ team was lead by Australian partner Greg Hing, with support from lawyers including senior associate Barry Walker and solicitor Japonica Sheridan.
“We have seen a significant surge in foreign investment into the Australian property market during the third quarter of this year, particularly from Asian real estate investment trusts seeking opportunities in the local market.
“This rise in activity shows that Australia is still one of the more attractive investment destinations for global property funds.” Hing said.
Clifford Chance advised MGPA on this transaction. MGPA bought it last month on behalf of MGPA Asia Fund III.
Property Review
