Herbert Smith Freehills has advised Greenland Australia on the deal.
Sydney’s Primus Hotel and its business have been sold by the developer to Pro-invest for over $130 million. The hotel on Pitt Street boasts 172 luxury guest rooms, a lobby bar, restaurant, rooftop bar, swimming pool and a gymnasium and is Pro-invest’s first hotel purchase in the Sydney CBD and first property in the luxury sector.
From 1939 to 2009, the building was the office of Sydney Water before being purchased and refurbished by Greenland Australia and re-opening as a 5-star hotel in December 2015. The hotel adjoins the 68-storey residential apartment tower, also being developed by Greenland Australia, with completion expected shortly.
Founded in Shanghai, China in 1992, Greenland Australia’s parent company, Greenland Group manages projects in more than 100 cities around the globe and specialises in the development of ultra-high rise buildings, large urban complexes, industrial parks and business districts. Currently, Greenland Group has 23 ultra-high rise projects under construction, four of which are among the world’s top 10 tallest buildings.
The Herbert Smith Freehills team was led by partner Nicholas Cowie (Picture), who was assisted by partner Julie Jankowski, senior associates Japonica Sheridan and Jennifer Harding and solicitors Roger Kong and Chrislynn Soong.
Law Firms: Herbert Smith Freehills;
Clients: Greenland Australia;