Herbert Smith Freehills
advised Propertylink, while King & Wood Mallesons advised buyer Deutsche Asset Management.
The warehouses, tenanted by Rand Refrigerated Logistics, are located in the outer Melbourne suburb of Derrimut and the outer Brisbane suburb of Parkinson. They were sold for $36m and $37.1m, respectively.
The properties were owned in a trust structure compliant with Islamic financing requirements for their initial acquisition. HSF advised on complex legal arrangements to terminate and wind up the trust. HSF also advised on the preparation, negotiation and completion of the sales contracts.
“The sales are a sign of what’s to come in the industrial property market for 2017, with investors taking a strong interest in the sector,” said HSF partner Michael Back, one of the leaders of the HSF team.
Westpac was the outgoing financier of the deal.
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Two top firms advised on the sale of two Propertylink industrial properties in Victoria and Queensland for $73.1m.