Herbert Smith Freehills has advised Abacus/KKR’s joint venture on their investment in the mixed use World Trade Centre in Northbank, Melbourne. The consideration for their 70% interest is A$120.4 million, with settlement planned for October.

Herbert Smith Freehills partner, Justin O’Farrell, led the co-ownership and joint venture aspects of the deal, assisted by senior associate, Laura Walsh. Melbourne partner and head of real estate, David Sinn, led the real estate acquisition team, assisted by senior associate Will Barnes.

“For Abacus, the deal was pursued with typical ingenuity,” O’Farrell said. “For KKR, who will own 75% of the venture, this represents their first foray into Australian real estate, teaming up with a like-minded Australian partner.”

“The deal underlines the ongoing strength of the Australian office market at all levels,” added Sinn. “Deal flow continues to be strong, and this deal combines Abacus’ proven on-shore capabilities with KKR’s sophisticated off-shore capital.”

Arnold Bloch Leibler (Tyrone McCarthy) acted for Asset 1 on the sale of the interest, while DLA Piper (Les Koltai) represented KKR.