Tax is key to projects in the real estate sector, with a direct impact on the profitability and, in some cases, the feasibility of a project. We work with clients across the full spectrum of real estate tax issues, from routine tax queries to advising on some of their most significant and complex transactions.
We have advised major real estate clients for many years in this area, which puts us in a strong position of knowing the tax issues most relevant to this sector and what needs to be done to achieve the best tax outcome. We are constantly working with our clients on new approaches to deliver innovative, tailored solutions that meet their objectives.
We have significant experience developing cross-border investment structures, so we’re ready to jump when any of our clients push ‘go’ on their international investment strategies – whether inbound or outbound.
The areas of real estate tax law we advise on include:
- Stamp duty
- GST
- Real Estate Investment Trusts (REITs)
- Fund formation and capital raisings
- Foreign investment
- Joint ventures
- Cross border investment structures.
Recent examples of work:
- AMP Quay Quarter – advised AMP Capital Diversified Property Fund and AMP Capital Wholesale Fund on all of the income tax, stamp duty and GST aspects of AMP’s $2.7 billion Quay Quarter development, and the $900 million co-investment from superannuation fund, REST.
- Barangaroo – advised a consortium comprised of Lendlease, Australian Prime Property Fund and Qatar Investment Authority on its investment in the Barangaroo development.
- Charter Hall – acting for Charter Hall on its $682 million co-investment in the Ampol Property Trust, an unlisted property trust established to acquire and own a portfolio of 203 convenience retail properties throughout Australia.
- Dexus – advised on the stamp duty implications of interposing a new head trust between the Dexus listed stapled and its security holders.
- Frasers – advising on the landholder duty consequences of the merger of Frasers Commercial Trust with Frasers Logistics Trust by way of creation of a new stapled security.
- Major Real Estate Company – acting for a major real estate company on a significant stamp duty dispute.
- Ascott Residence Trust - advising on the Australian landholder duty consequences of the merger of Ascott Residence Trust with Ascendas Hospitality Trust by way of the creation of new stapled entity listed on the Singapore Exchange.
- Scentre – advising on the stamp duty implications of the sale of the office towers above the Sydney CBD Westfield by way of 299 year lease to Blackstone for $1.52 billion. The stamp duty position was complicated by the fact that Blackstone required structural certainty that the lease arrangements could not be repudiated by a liquidator of Scentre.
- Dexus – advising on various stamp duty matters including on the stamp duty implications of its acquisition from QIC of 80 Collins Street in Melbourne for a total acquisition cost of $1.476 billion.
- CapitaLand Limited – advised CapitaLand on the Australian tax implications of the Ascott Residence Trust (Ascott REIT) acquiring 100% of Ascendas Hospitality Trust (A-HTRUST), which was a real estate investment trust listed on the Singapore Stock Exchange (SGX), by way of a trust scheme of arrangement.
