The transaction involves the sale of St Martins Properties’ (Kuwait Government Sovereign Fund) 50% share in Rialto Towers to a joint venture formed between GIC (Singaporean sovereign fund) and Australia’s largest office landlord, Dexus, for an enterprise value of $644 million. Grollo Australia will retain a 50% share.
The ABL team advising the Grollo family was led by Partner Philip Chester and senior associates Stephanie Campbell and Dorian Henneron, with assistance from lawyers Stefano Vinci and Genevieve Pope.
Philip Chester commented: “This was a complicated transaction made all the more difficult by the current COVID-19 crisis. We are pleased to have assisted the Grollo family on this important commercial property transaction.”
The Rialto was developed in 1986. The iconic office building’s recent regeneration delivered state-of-the-art facilities, investment in technology, security and energy features.
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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, family businesses, high-net-worth individuals and international corporations. The firm also has a dedicated pro bono practice providing advice on social, environmental and cultural issues to more than 150 charitable and not-for-profit organisations.