Spotlight: Development Joint Venture

Abacus Logo

Abacus Property [ASX: ABP], is a diversified Australian REIT with an investment portfolio concentrated in the Office and Self Storage sectors. Abacus invests capital in real estate opportunities to deliver superior long-term returns and to maximise securityholder value.

In February 2021 Abacus announced that it had exchanged contracts to enter a development joint venture with Walker Corporation on 710 Collins Street, Melbourne with Walker Corporation acquiring a 50% interest in the Abacus entity that owns the property.

Executing the deal

The multi-faceted transaction between two sophisticated property groups, Abacus Property and Walker Corporation involved both unit sale, joint venture, management and vendor finance arrangements. It was important to document how the parties would collaboratively manage and develop the property that they would jointly own upon completion.

Realising value

The partnership with Walker has been identified as one that will unlock the property’s repositioning potential and create long term sustainable returns through redevelopment.

Deal team

Advising on the deal were Lander & Rogers partners Jared Smith and Steve Robinson, and senior associate Girish Rao, who specialise in multi-faceted real estate transactions, including due diligence, sale agreements, venture documents, management & development arrangements and corporate finance.

Learn how Lander & Rogers can assist you and your organisation with multi-faceted corporate real estate transactions including mergers & acquisitions, joint ventures, financings, management & development arrangements and restructures.