The deal has been described as the biggest portfolio trade since 2021
MinterEllison has advised investment managing firm Richmond Bridge and its capital partner, superfund UniSuper, on the acquisition of the National Pension Service of Korea’s 50% stake in a $1.1bn industrial property portfolio.
According to the firm, the acquisition is valued at $560m. UniSuper will share ownership of the portfolio with Dexus and Blackstone.
As per the AFR, this transaction is the biggest portfolio trade since 2021. The portfolio comprises 20 assets: 12 in Western Sydney and 8 in Truganina, Melbourne. Among the anchor tenants of these assets are Coles, Toll, Northline, Roche, Blackwoods, Symbion, and UPS.
Under the leadership of partner and real estate industry leader Carla Deluca, a multidisciplinary team comprising experts from the property, real estate industry, tax and financial services practices advised on all aspects of the transaction, such as:
- due diligence
- land acquisition
- drafting co-ownership documentation
- establishing special purpose trust vehicles
- tax and superannuation regulatory issues
Earlier this year, MinterEllison also advised Richmond Bridge on another UniSuper acquisition, which involved a $105m industrial development site in Yarraville, Melbourne.