Sydney – Global law firm K&L Gates has advised German real estate investment fund manager Real I.S. on the sale of the ATO Building in Canberra for A$290 million to a Charter Hall managed fund.

Having completed on 31 January 2023, the sale is a significant transaction for the office sector in the Australian Capital Territory. This follows the divestment by Real I.S. of the Geosciences Building in 2022 via a unit sale (also to Charter Hall) for the record highest sale price of any office building in the Australian Capital Territory, on which K&L Gates also acted for Real I.S.

The K&L Gates team that advised Real I.S. was led by Sydney-based real estate partner Samuel Brown, assisted by senior associate Karen Yuan and associates Hourie Khdrlarian and Reilly King.  The Australian team was supported on foreign law issues by Munich-based partners Dr. Hilger von Livonius, Volker Gattringer, and Dr. Philipp Riedl, and associate Deborah Shelton.

Brown said: “We are very happy to continue to support Real I.S. with its strategic activities, and value our strong relationship with them. The transaction proceeded smoothly and we enjoyed working with Charter Hall and their legal advisors to exchange and close out a successful capital transaction.”

Michael Wecke, Managing Director at Real I.S. Australia, added: “We have always been able to rely on the high-quality services provided by Samuel Brown and his team. K&L Gates provided a bespoke service that allowed these complex, cross-national transactions to be completed with ease and efficiency.”

George Koumoukelis, Capital Transactions Manager at Real I.S. Australia, added: “The guidance and support provided by the team of K&L Gates was invaluable. We look forward to continuing this successful partnership on future transactions.”