acted in one of the largest sale-and-leaseback transactions this year in Queensland’s industrial property sector.
Piper Alderman advised the Charter Hall Prime Industrial Fund, which has agreed to acquire three industrial assets in Brisbane from Hastings Deering Australia, which was advised by MinterEllison. The properties are leased back to Hasting Deering on 30-year triple-net leases, which come with two 10-year renewal options backed by Hastings Deering and its parent, Sime Darby Industrial.
“This transaction was the product of a long and sustained period of hard work from the Hastings Deering team and its consultants to position the properties for divestment,” said Adrian Rich, MinterEllison’s joint lead partner.
Last year, Sime Darby put 13 properties up for sale for $300m.
The Piper Alderman team was led by partner Lexia Wilson, who leads the firm's real estate group. Special counsel Mark Askin also worked on the deal. They were assisted by associate Bridget Young and law graduate Anavi Suri.
MinterEllison’s Rich, who’s based in Brisbane, jointly led the firm’s team with partner David Moore, who’s based in Canberra. They were assisted by senior associate Euon Williams and lawyer Vincent Whitfield in Brisbane, and senior associate Mellissa Lai in Canberra.
The MinterEllison team advised Hasting Deering on all aspects of the transaction, including real estate and Foreign Investment Review Board matters.
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