DLA Piper has advised one of Australia’s largest real estate owners and managers, Investa Property Group, on its acquisition of a 50 percent stake in the iconic Piccadilly Centre in Sydney's CBD for AU$194.25 million.

The transaction will see Investa manage the office component of 133 Castlereagh Street, comprising a 32-storey A-grade office tower and neighbouring B-grade office tower, with ASX-listed Stockland Group managing the two storey retail shopping centre.

The transaction is the second major joint venture real estate deal for Investa in the space of two months. In January, DLA Piper also represented Investa on the acquisition of a 50 percent stake in "Glasshouse" at 135 King Street, a major office building and prime retail asset fronting Pitt Street Mall in Sydney's CBD valued at over AU$300 million.

The DLA Piper team was led by Australian Head of Real Estate, Les Koltai, and senior associate, Astrid Beemster, supported by tax and real estate-specialist lawyers.

Les said: "The commercial real market in Sydney is continues to feature prominently, with high-profile and complex deals being transacted in very short timeframes. We're delighted to continue to advise such a leading property group, Investa, on their strategic and major real estate asset acquisitions."