Dealmakers help a property group in buying a stake in two premium office towers and a planned mixed-use property
Herbert Smith Freehills (HSF) dealmakers have helped close a major commercial property acquisition in Sydney.
The firm advised The GPT Group on its $531.3m acquisition of a 25% stake in the Darling Park 1 & 2 office complex and the Cockle Bay Wharf in the New South Wales capital. Darling Park 1 & 2 are premium-grade office buildings that are part of the landmark Darling Park complex in the Darling Harbour precinct. The towers, along with a retail and entertainment complex, form the Cockle Bay Wharf.
Through the acquisition, HSF has also helped GPT acquire a 25% stake in the proposed Cockle Bay Park development, which recently received stage-1 planning approval. The new development will have about 63,000 square metres of premium office space and 10,000 square metres of retail and entertainment space.
The HSF team was led by partner Robert Bileckij. It also included consultant James Graham, senior associate William Hickey, and solicitor Curtis Vella. The team worked closely with the GPT legal team, which was headed by senior legal counsel Emma Le Coic, HSF said.
Bileckij congratulated GPT on the successful transaction. He also said that it was a pleasure for the HSF team to work with Le Coic and her team on the strategic investment.
“The close collaboration between our teams was a highlight,” he said.
