19 August, 2014

Herbert Smith Freehills has advised Abacus/KKR’s joint venture on their investment in the mixed use World Trade Centre in Northbank, Melbourne. The consideration for their 70% interest is AUD 120.4m, with settlement planned for October.

Herbert Smith Freehills partner, Justin O’Farrell, led the co-ownership and joint venture aspects of the deal, while partner David Sinn led the real estate acquisition team.

“For Abacus, the deal was pursued with typical ingenuity,” O’Farrell said, “For KKR, who will own 75% of the venture, this represents their first foray into Australian real estate, teaming up with a like-minded Australian partner.”

“The deal underlines the ongoing strength of the Australian office market at all levels,” added Sinn, “Deal flow continues to be strong, and this deal combines Abacus’ proven on-shore capabilities with KKR’s sophisticated off-shore capital.”

Other firms involved included Arnold Bloch Leibler acting for Asset 1 on the sale of the interest, and DLA Piper representing KKR. 

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