Herbert Smith Freehills has advised fund manager Propertylink on the establishment of an industrial property vehicle with investments from Goldman Sachs and UK based Grosvenor Group.

The vehicle, called the Australian Industrial Property Partnership, currently has a portfolio of seven industrial assets with a combined value of around A$100 million, and plans to expand the portfolio to A$350 - 400 million.

Herbert Smith Freehills advised Propertylink on structuring, acquisition of seed properties, financing and co-investment arrangements with Goldman Sachs and Grosvenor. The arrangements for sharing governance responsibilities and control between the three parties were particularly innovative.

The Herbert Smith Freehills team was led by property partner Michael Back, corporate partner Philip Podzebenko, banking partner Philip McMahon and stamp duty partner Jinny Chaimungkalanont. They were assisted by senior associates Leone Costigan, Fergus Smith, Jayne Walker and lawyers Linda Sweeney, Lucy Elkins and Ben Robinson.

Propertylink was advised by Greenwoods & Freehills in relation to taxation.

Goldman Sachs was advised by King & Wood Mallesons and Grosvenor was advised by Allens.

Herbert Smith Freehills has previously advised Propertylink on the establishment of a fund to acquire refrigerated logistic assets worth over A$63 million.