MinterEllison lead on $1.48bn acquisition of Melbourne precinct

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Dexus turned to MinterEllison in its $1.48bn purchase of the 80 Collins precinct in Melbourne.

The firm said that it advised on the acquisition of the precinct, including guiding the real estate group on all aspects of the existing tower and the new development, as well as seeing to completion the acquisition’s due diligence process.

Located on the eastern core of Melbourne’s CBD, 80 Collins covers 105,000sqm of net leasable area spread across the 47-level 80 Collins St formerly known as Nauru House, a new 35-level premium office tower, a new retail podium, and a new 255-room boutique hotel. The new structures are currently being built.

Dexus Funds Management is buying a 75% stake in the precinct from QIC Global Real Estate, while Dexus Wholesale Property Funds is acquiring the remaining interest.

“We were able to deliver a successful outcome for all parties by navigating various legal and commercial risks across corporate, construction, property and finance matters,” said Wissam Abwi, one of the lead partners of the MinterEllison team.

Abwi, a corporate and M&A partner, jointly heads the team with fellow Sydney-based senior lawyers Nicole Green, partner and national government leader, and Elizabeth McKechnie, construction and infrastructure partner.

They were supported by Anthony Poynton, a property partner based in Melbourne, and Keith Rovers, a projects and finance partner based in Sydney. The firm also tapped special counsel, senior associates, associates, lawyers, and graduates in its Sydney and Melbourne offices to work on the deal.

Dexus recently secured $900m in capital to partially fund its 80 Collins acquisition, with counsel from King & Wood Mallesons.