AUD530 million Brisbane CBD transaction

Global law firm DLA Piper has advised Valparaiso Capital Partners on the AUD530 million sale of student accommodation, residential and retail assets.

The assets included three high-rise student accommodation buildings in the Brisbane CBD and the associated business and intellectual property.

"The transaction demonstrates the strong demand from institutional investors for blue-chip Australian property," said Sydney-based Kate Pickthall, Head of Real Estate, DLA Piper.

The three towers accommodate 2,352 student beds across the Adelaide, Elizabeth and Wharf street buildings as well as ground floor retail shops and underground parking.

Valparaiso is a private equity investor focused on opportunistic transactions in Asia with gross value of greater than USD100 million. Valparaiso creates value through better operational performance, disciplined management, asset enhancement, business development, and a clearly defined business strategy and exit.

The DLA Piper team was led by Kate Pickthall (Partner, Real Estate) and Harry Stone (Special Counsel, Real Estate), with assistance from Adrian Tan (Partner, Corporate), Cassian Ho (Senior Associate, Corporate), and Jessie Buchan (Partner, Intellectual Property).

"We were delighted to assist Valparaiso on this significant transaction," Kate added.

With over 500 real estate lawyers globally, DLA Piper's real estate team is trusted by many of the world's leading institutional investors, private equity funds, sovereign wealth funds, investment advisors, fund sponsors, public and private REITs, real estate developers, lenders, and national and multinational companies to handle their most important real estate matters.

The transaction follows DLA Piper's advice to QuadReal, a global real estate investment firm headquartered in Vancouver, in a joint venture with Lendlease to develop a AUD300 million build-to-rent development in Brisbane, earlier in the year.

"We expect to see continued momentum for commercial and high density residential real estate in the Brisbane market, given the city's ongoing growth and focus on the 2032 Olympic games," Kate added.