Deal profile | Gadens advises on the financing arrangements for the purchase of 31 Queen Street, Melbourne

Gadens has advised ING Bank (Australia) Limited on the financing arrangements for AEW Capital Management LP’s purchase of the $200 million commercial office building located at 31 Queen Street, Melbourne.

The 27-storey commercial office is located in the heart of Melbourne’s CBD comprising over 19,000sqm of commercial space.

Gadens was engaged to advise in relation to all aspects of the financing including drafting the finance documents and undertaking a review of the property due diligence.

Firms involved: Gadens (acted for the financier, ING Bank (Australia) Limited), Baker McKenzie (acted for the purchaser, AEW Capital Management LP), King & Wood Mallesons (acted for the vendor, Challenger Life CDI Nominees Pty Ltd).

Deal value: In excess of $200 million

Deal area: Banking & Finance

Practice groups involved: Banking & Finance, Property

Key team members: Gadens Partner Renae Suttor (Banking & Finance) led the team, assisted by Rebecca Ferraro (Lawyer, Banking & Finance) and Emily Baker (Senior Associate, Property).

Deal significance: US-based AEW Capital Management is one of the largest real estate investment managers in the world. The acquisition contributes to AEW Capital Management’s growing Australian property portfolio and continues the strong trend of foreign investment into Australian real estate.