$174m building refinance succeeds with firms’ advice

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Herbert Smith Freehills (HSF) and Sparke Helmore have helped in the $174m refinance of a green building in Canberra.

HSF acted for Real I.S. AG and Real I.S. Australia in the refinancing of the Geoscience Building in Canberra. Sparke Helmore acted for Westpac, the financer of the deal.

Real I.S. is one of the leading real estate managers in Germany, with more than €6.5bn of property under management in Australia, France, Germany, and Luxembourg.

HSF’s team was led by partner Lucy McCullagh, who was assisted by senior associate Oanh Ho and graduate James Paolucci. HSF coordinated with parties and advisers in Munich, Cologne, Sydney, and Canberra for the deal.

“The Geoscience Australia Building is a terrific example of Real I.S. Australia’s portfolio, being a property with environmentally sustainable characteristics tenanted, under a long-term lease, by a government tenant being Geoscience Australia, Australia’s preeminent public sector geoscience organisation,” McCullagh said.

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