The GPT Group has sold its half stake in the MLC Centre with the help of Herbert Smith Freehills (HSF).
GPT sold its stake to Dexus Wholesale Property Fund for $800m through pre-emptive rights in the co-ownership agreement between the companies. Dexus will now wholly own the iconic Sydney building.
HSF advised GPT on the pre-emptive rights, the sale process, and the negotiation of the sale contract. The global legal giant said that both companies had ambitious timeframes for entering into the contract, but it was able to use its extensive knowledge of the property to complete the deal within deadlines.
HSF had previously acted on both buy and sell sides in transactions involving the MLC Centre.
The firm tapped real estate experts from its Sydney and Brisbane outposts to work on the deal. The team was led by partner Nicholas Cowie and executive counsel Leone Costigan, who were supported by solicitors Matthew Wertheimer and Brigitte Rheinberger, as well as and licensed conveyancer Suzanne Telfer.
“We were delighted to be able to assist GPT in the disposal of such a significant asset which has had such a long history in the GPT Group portfolio,” Cowie said. “The GPT and Herbert Smith Freehills teams worked together to produce GPT’s desired commercial result in a collaborative, commercial and efficient manner.”