Herbert Smith Freehills has advised Leighton Properties on securing a major tenant pre-commitment and pre-sales in Kings Square, Perth, WA, in what will be the largest commercial property pre-sale in Western Australia.

Leighton Properties will sell three commercial buildings planned within the Kings Square mixed-use development in Perth for approximately A$435 million. Under the agreement which is subject to certain approvals, Australian real estate groups DEXUS Property Group and DEXUS Wholesale Property Fund will buy towers known as KS1, KS2 and KS3. Construction on the towers will commence mid-2013 and will have 52,781 sqm of office and retail space.

Leighton Properties has also secured two anchor tenants within the Kings Square development. These new tenants will include Shell Australia, for the KS2 Tower, and John Holland, which will relocate its Western Australian headquarters to Kings Square.

The Herbert Smith Freehills team was led by partners Luke Simpson and Frank Poeta with support from senior associates Julie Jankowski and Jenny Allpike.

“This was a complex transaction that needed to be completed within a very tight time frame,” said Luke Simpson. “Our team was able to draw on its breadth of expertise and utilising our national network to complete the deal on time.” 

Minter Ellison advised Dexus on this transaction.

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