Allens has advised Places Victoria, the Victorian Government's property development agency, on its sale of two residential growth corridor development sites for a combined $180 million.

Places Victoria sold the Aurora development site in Epping North to Lend Lease and the Aspect/Officer development site in Officer to Satterley Property Group.

These sites, in Melbourne's outskirts, will be developed by the respective purchasers, with Places Victoria developing the adjoining town centres.

Allens also successfully advised Places Victoria on the sale of its Craigieburn development to Stockland at the end of 2013.

Allens' lead partner on the deal, Michael Graves, said the divestment was the largest Australian land deal of the year and one of the largest ever greenfield divestment deals.

Mr Graves said the deal was significant in terms of its size and complexity but also as a reflection of Places Victoria’s shift in focus to urban renewal projects.

'We are proud to have been involved in this significant transaction for Places Victoria,' Mr Graves said.

'This deal allows Places Victoria to focus on delivering urban renewal outcomes on large and complex sites in established areas of metropolitan and regional Victoria.'

CONTACTS

Michael Graves (Partner – Melbourne), Meg Lee (Managing Associate – Melbourne), Alexandra Peace (Senior Associate – Melbourne), Liz Fernando (Senior Associate – Melbourne), Tim Chislett (Senior Associate – Melbourne), Marc Johnston (Senior Associate – Brisbane), Jane Gregory (Lawyer – Melbourne).