Allens has advised CBRE Global Investors on the acquisition of an office development in North Sydney, via a fund-through transaction on behalf of a German real estate Spezialfonds. The building is being developed by Zurich Insurance Group to house the new headquarters of Zurich Financial Services Australia.
The office tower, which is due to be completed in 2020, will include first-class amenities, a rooftop terrace and lobby café.
‘We were pleased to advise leading global asset manager, CBRE Global Investors, on the acquisition of what will be Zurich’s future headquarters in Australia,’ said lead Partner Michael Graves.
‘Institutional investors, from Australia and around the world, are increasingly looking to acquire assets in North Sydney, a precinct that’s transforming into one of Australia’s key commercial hubs,’ said Michael.
Allens advised on all aspects of the transaction, including the acquisition and fund through arrangements, FIRB, fund establishment and finance arrangements. Allens’ global alliance partner, Linklaters, advised on the German law elements.