Australia: Colin Biggers & Paisley Deal Review - Acquisition of largest development site in Australia
Acquisition of largest development site in Australia
Brendan Maier and his property team at Colin Biggers & Paisley are acting for China's main sovereign wealth fund, China Investment Corporation (CIC), in the acquisition of land in Goodman's Carter Street industrial precinct in NSW.
CIC has now completed the purchase of the first property with settlement of the second property expected to be completed in 2017. The overall transaction has an estimated total value of approximately $US 600 million.
The complex acquisition involves a residential rezoning which will enable approximately 4,000 apartments in total to be constructed on the site. The purchase was further complicated by Foreign Investment Review Board approval, subdivisions of land, easements, a voluntary planning agreement with the Minister for Planning and numerous tenants with various lease issues. Colin Biggers & Paisley has provided the purchaser with high quality legal advice to facilitate sound commercial outcomes within limited timeframes.
The transaction in ongoing with Colin Biggers & Paisley continuing to act for the purchaser on the deal.
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