$300m asset swap closes with leading firms’ advice

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Two firms aided two international companies in their swap of properties in Brisbane and Melbourne.

The Zurich-based AFIAA Foundation for International Real Estate Investments was advised by Mills Oakley, while the London-based M&G Real Estate was advised by Herbert Smith Freehills.

AFIAA sold HQ South Tower in Fortitude Valley in Brisbane to M&G for about $120m. It acquired 628 Bourke Street from M&G for about $180. Both of the deals reached financial close this month.

Mills Oakley’s team was led by property partner Pablo Fernandez, who was assisted by special counsel Damiano Castelli, partner Tom Cantwell, associate Holly Cormie and law clerk Benjamin Cane. Banking and finance partner Monique Stella, who was assisted by lawyer Isabella Barnes, advised on financing issues of the transactions.

The deal reaffirms AFIAA’s commitment to the Australian market, said Fernandez.

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