Charter Hall and Abacus’ Acquisition of Myer Melbourne Building

Arnold Bloch Leibler has acted for each of Charter Hall Group and Abacus Property Group on their respective acquisitions of a one-third interest in the Myer Melbourne building for a combined $270 million.

Abacus Property Group (ASX: ABP) and Charter Hall’s real estate investment trust (ASX: CLW) each acquired a third of an interest in Myer’s (ASX: MYR) Bourke Street building in Melbourne.

The remaining one third stake in Myer Bourke Street remains with property manager Vicinity (ASX: VCX), whose CFO Nicholas Schiffer resigned yesterday after just two years in the role during a tumultuous time for the retail property owner.

The deal represents one of the largest CBD retail transactions in Australia during 2021 and the largest retail transaction in Melbourne’s CBD in over 13 years.

Charter Hall Group is an integrated property company. The principal activities of the Company includes the investment in property funds and property funds management. 

Abacus Property Group  is a leading diversified property group that specialises in investing in commercial property markets in Australia and New Zealand. 

Property & Development partner Tyrone McCarthy (Picture) led the ABL team acting on the deal and was supported by senior associate Brianna Youngson and lawyer Catherine Outridge.

Involved fees earner: Tyrone McCarthy – Arnold Bloch Leibler; Catherine Outridge – Arnold Bloch Leibler; Brianna Youngson – Arnold Bloch Leibler;

Law Firms: Arnold Bloch Leibler;

Clients: Abacus Property Group ; Charter Hall;

Author: Sonia Carcano