Herbert Smith Freehills’ real estate and M&A teams advise Link REIT on A$683 million acquisition of 100 Market Street, Sydney

Herbert Smith Freehills has advised Link REIT on its A$683 million acquisition of 100 Market Street, Sydney from the Blackstone Group.

Link REIT is a Hong Kong-listed real estate investment trust, which owns and operates shopping centres, parking space facilities, retail spaces, and offices. It is the largest REIT in Asia in terms of market capitalisation.

The acquisition of 100 Market Street is Link REIT’s first acquisition outside of mainland China and Hong Kong. The acquisition represents approximately 1.66% of the total assets of Link REIT (as at 30 September 2019), and was funded by a combination of debt and equity.

The Herbert Smith Freehills team was led by partners Michael Back, Philip Podzebenko and Philip McMahon, and was assisted by executive counsel Leone Costigan, senior associates Laura Walsh and Anthony Economou, and solicitors Catie Moore, Jess Burstow and William He.

Herbert Smith Freehills partner Michael Back said, “We are delighted to have assisted Link REIT on this landmark acquisition in Australia. It has been a privilege to work alongside some of the best in-house talent in the industry and we look forward to working together again in the near future.” 

Alex Au, General Counsel (M&A) at Link REIT said, ”It has been a great pleasure working with this group of intelligent and diligent people. The seamless cross-team effort across HSF’s corporate, real estate and finance teams, as well as the Greenwoods & Herbert Smith Freehills team, is very much appreciated, and has been instrumental in navigating us through our first of hopefully more acquisitions to come in Australia.”

This deal is another example of Herbert Smith Freehills’ market-leading work in the real estate M&A sector. Other recent examples include:

•  Advising M&G in its acquisition of an almost 50% interest in a unit trust which owned a 100% share of the units in a trustee which acquired the Complex (the property comprising three buildings known as 140 Creek Street, 295 Ann Street, and 232 Adelaide Street). AsheMorgan was appointed to act as Investment Manager and Trustee.
• Advising Nuveen in the acquisition of its ownership interest in 183 Clarence Street as lessee under a long-term lease. Nuveen acquired the site for A$180 million, on a fund through basis, to restore seven storeys in the existing heritage building, including the construction of a dome-like glass extension — a challenging and unique development.
• Advising The GPT Group on the A$800 million sale of its 50% interest in Sydney’s MLC Centre to the Dexus Wholesale Property Fund.