The firm described it as the first major office deal of 2024
MinterEllison has helped the Mirvac Wholesale Office Fund (MWOF) to divest a 50% interest in a 29-storey Sydney office tower to Singaporean investment fund Keppel REIT for $363.8m.
The firm described it as “the first significant office deal in 2024” and said that it could “set a benchmark for future premium office transactions”. The office tower, located on 255 George Street, is part of a $7bn Mirvac-managed fund.
Under the terms of the deal, MWOF retains a 50% stake in the A-grade building while facilitating capital expenditure and liquidity for investors. The divestment was exchanged on 28 March and is awaiting approval from the FIRB.
The MinterEllison team was led by partner and real estate lead Adrian Rich. The team handled all aspects of the transaction, including stringent vendor due diligence, transaction documents, negotiations, and providing asset-specific advice on sale-related matters.
“The transaction not only signals the return of market confidence in quality assets as businesses seek their staff to return to the office, but also ensures the MWOF portfolio remains balanced and robust, aligning with future capital and investor expectations", Rich explained.
The George Street office tower, which underwent a significant refurbishment two years prior, houses tenants such as the ATO and the Bank of Queensland.
