Investa Commercial Property Fund and Manulife Financial Corp.’s Acquisition of 39 Martin Place

Corrs Chambers Westgarth advised Investa Commercial Property Fund and Manulife Financial Corporation on the acquisition of 39 Martin Place from Macquarie Group. DLA Piper assisted Manulife Financial Corporation.

A 50-50 joint venture between Investa Commercial Property Fund (ICPF) and Manulife has acquired the right to a 100 percent interest in 39 Martin Place in Sydney. The CBD office development is currently owned by Macquarie Group.

The financial terms were not disclosed.

The project, which is being delivered as part of the Martin Place metro station, will create 30,000sq m of office space over 28 levels, as well as 2,000sq m of retail space in a prime Sydney CBD location. The build is expected to be completed in 2024.

Investa Commercial Property Fund (ICPF) is a core prime office fund for institutional investors.

Headquartered in Toronto, Manulife Financial Corporation provides more than 20 million customers in 22 countries and territories with financial advice, insurance, and wealth and asset management solutions.

The Corrs cross practice team was led by partners Peter Calov (Picture, Property & Real Estate), Chris Campbell (Property & Real Estate and Projects), Robert Clarke (Financial Sponsors Group), Simon Reid (Banking & Finance) and Mark Payne (Tax).

DLA Piper’s team was led by Corporate partner Emma Kendall and senior associate Matthew Parkinson, Real Estate consultant Les Koltai, partner Kate Pickthall, special counsel Robyn Rogers and Tax partner Eddie Ahn.

Involved fees earner: Peter Calov – Corrs Chambers Westgarth; Chris Campbell – Corrs Chambers Westgarth; Robert Clarke – Corrs Chambers Westgarth; Mark Payne – Corrs Chambers Westgarth; Simon Reid – Corrs Chambers Westgarth; Eddie Ahn – DLA Piper; Emma Kendall – DLA Piper; Les Koltai – DLA Piper; Matthew Parkinson – DLA Piper; Kate Pickthall – DLA Piper; Robyn Rogers – DLA Piper;

Law Firms: Corrs Chambers Westgarth; DLA Piper;

Clients: Investa Commercial Property Fund; Manulife Financial Corporation;

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Author: Michael Patrini