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Charter Hall and Abacus acquire historic Myer Melbourne building

Property & Development
Bourke Street Myer Melbourne
Arnold Bloch Leibler has acted for each of Charter Hall Group and Abacus Property Group on their respective acquisitions of a one-third interest in the Myer Melbourne building for a combined $270 million.

As reported in The Australian, the deal represents one of the largest CBD retail transactions in Australia during 2021 and the largest retail transaction in Melbourne’s CBD in over 13 years.

Property & Development partner Tyrone McCarthy led the ABL team acting on the deal and was supported by senior associate Brianna Youngson and lawyer Catherine Outridge.

Tyrone McCarthy said: “We are delighted to have advised Charter Hall and Abacus in securing ownership interests in one of Melbourne CBD’s most landmark buildings.”  

The deal represents one of the largest CBD retail transactions in Australia during 2021 and the largest retail transaction in Melbourne’s CBD in over 13 years.

In commenting on the transaction, Abacus managing director Steven Sewell has stated: “This transaction aligns with our strategic priority of acquiring commercial assets in select locations where we see amenity and infrastructure improvements that we believe will ultimately translate to strong tenant demand.” 

Avi Anger, commenting on behalf of Charter Hall, has observed: “The Myer Bourke Street Mall property in Melbourne, which together with CLW’s existing investment in the David Jones Castlereagh Street store in Sydney, represent two of Australia’s most iconic CBD buildings”. 

Following settlement of this transaction Charter Hall and Abacus will be co-owners alongside existing manager and one-third co-owner Vicinity Centres.

About Arnold Bloch Leibler

Arnold Bloch Leibler is a premium Australian commercial law firm renowned for advising clients on their most important transactions, commercial issues and disputes. From offices in Melbourne and Sydney, the firm provides advice to a diverse range of entrepreneurial Australian listed companies, private businesses, high-net-worth individuals and international corporations. The firm also has a dedicated public interest practice providing advice to charities and not-for-profit organisations relating to significant legal, social, environmental and cultural issues.

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