King & Wood Mallesons (KWM) has acted for Telstra Corporation (Telstra) on its $700 million sale of 49 per cent of a new unlisted property trust to a consortium led by Charter Hall.
The sale results in the property trust owning 37 of Telstra’s existing exchange properties, with Telstra to retain ownership of the remaining 51 per cent of the trust. Telstra will also retain operational control of all properties via long-term triple-net lease arrangements with an average expiry of 21 years.
The KWM team acting on the transaction was led by partners Cheng Lim, Nicole Heller, David Bell, Justin Cherrington, Katrina Parkyn, David Eliakim, Henrik Moritz, Katherine Forrest and Anne-Marie Neagle.
Additional cross-practice expertise was provided by a large team of lawyers including Capucine Hague, Matthew Ward, Stephen Sheehy, Phil Marr, Amanda Kazacos, Ari Rosenbaum, Charlie Detmold, Charles Westh, Jedd Watmore-Tanner, Mizu Ardra and Chloe Walker.
The sale is expected to be completed by the end of August 2019.