Herbert Smith Freehills has advised Propertylink on its A$300 million purchase of 320 Pitt Street, Sydney and portfolio of eight industrial properties across Australia.

Herbert Smith Freehills has advised Propertylink on its recent purchase of 320 Pitt Street, a landmark commercial asset in the Sydney Central Business District, and a portfolio of eight industrial properties across NSW, Victoria, Queensland and Western Australia.

320 Pitt Street, a fully let A grade 34 floor office building, was purchased for A$200 million and the industrial portfolio, with a combined lettable area of over 134,000 sqm, for over A$103 million, from Perpetual Trustee Company Limited, acting as trustee for RMR Australia Asset Management Pty Ltd. The transaction settled on 29 June 2015.

Propertylink is a leading player in the Australian property and infrastructure sectors and currently has over A$2 billion of assets and projects under management across Australia. This transaction is one of several successful multiple property purchases by Propertylink over the last 12 months.

The Herbert Smith Freehills team was led by partners, Michael Back, Philip Podzebenko and Phillip McMahon with support by senior lawyers, Leone Costigan, Kate Howson, Jayne Walker and Tamara Saladine.

Michael Back said: “We were delighted to work with Propertylink on this multi-asset, multi-jurisdiction transaction. Propertylink has emerged as a key player in the industrial sector and their ability to source opportunities and transact quickly have been hallmarks of their success.”