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Freehills has advised Australian property developer
Lend Lease Group in securing $2 billion in financing for the first towers in a planned $6 billion Sydney urban renewal project.
Barangaroo South project, Sydney’s largest redevelopment project since the 2000 Olympics, is expected to meet 40 percent of the demand for prime Sydney office space over the next decade. It will be able to accommodate some 23,000 office workers and will include 800 residential apartments and a 2.2-kilometer long public walkway along the waterfront.
The Canada Pension Plan Investment Board, which invests money on behalf the Canadian federal social insurance program, provided half of the financing. Australian Prime Property Fund, a property group managed by Lend Lease provided $500 million while Lend Lease itself provided the remainder.
The Freehills team was led by Sydney partner Murray Dearberg. Freehills had also represented Lend Lease when it initially bid on the project in 2009.
King & Wood Mallesons advised the CPP Investment Board and Australian Prime Property Fund.
Clayton Utz acted for the Barangaroo Delivery Authority, the government agency created to oversee the city waterfront development project.
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