Sydney – Global law firm K&L Gates has advised Melbourne-based private investors on the $116 million purchase of all of the units in the unit trust that owns Reservoir on Crown, a major mixed-use property in Sydney’s inner suburbs, from a fund managed by LaSalle Investment Management.
The three-storey, 4,700 square metre building is one of the largest in the Sydney suburb of Surry Hills and comprises office and retail space.
The K&L Gates team on the matter was led by Sydney property partner Samuel Brown and included Sydney funds partner Kane Barnett, assisted by graduate lawyers Bernard Sia and Cathy Ma, Sydney tax partner Matthew Cridland, Sydney banking and finance partner Richard Gray and Sydney property senior associate Karen Yuan and graduate lawyer Reilly King.
Brown said: “We are really pleased to have assisted our client on this strategic purchase in a prime location in Sydney. This acquisition shows that despite some uncertainty caused by rising interest rates, the market is still strong for high-value commercial property in Sydney, especially in the CBD fringe suburbs.”
Barnett added: “As the structure involved the added complexity of the acquisition of a unit trust, we were able to bring together various groups across the firm to advise the investors seamlessly.”