Kain Lawyers has advised boutique property fund manager Inheritance Capital Asset Management on its acquisition of a half-stake in Adelaide’s Westpac House from Abacus for $88.5 million and associated fund raising.
Westpac House, one of only two premium buildings in the Adelaide CBD, comprises a 31-level office tower with 29,600 square metres of net lettable area.
Director, Michael Garry, who led the Kain Lawyers team said it was a great outcome for ICAM and South Australia. “We are very pleased to have assisted ICAM in executing their first of what we are sure will be many deals.”
“Not only was there strong local investor support for the deal, it represented a great opportunity to help further develop the SA funds management industry”.
ICAM was established in late 2015 with an institutional grade property investment team and intends to grow to be one of South Australia’s institutional fund managers.
The transaction was undertaken by ICAM in tandem with SA’s Accord Property Partners.
“Kain Lawyers did an excellent job in assisting us to realise what was a key opportunity for ICAM and our investors. Their expertise and clear commercial advice greatly assisted us in executing the deal” commented ICAM Managing Director, Freddy Bartlett.
Michael Garry and Brian Vuong from Kain Lawyers advised ICAM.
The deal represents one of a number of transactions that Kain Lawyers’ funds management, property and corporate teams have been busy executing in 2016.