Sydney, 14 May 2008 – Baker & McKenzie recently advised Standard Life Investments Limited, one of the largest property fund managers in Europe, on its acquisition of a $37.5 million commercial property in the Brisbane CBD.

Standard Life Investments purchased 82 Eagle Street which is situated in a prime location in Brisbane's CBD, in the heart of the commercial district, directly opposite Riverside Centre.  The property comprises 12 levels with a net lettable area of approximately 4,565 square metres.

The Baker & McKenzie team was led by Commercial Real Estate Partner, Roy Melick, who was assisted by Associate, Daniel Arapere.  The team was responsible for conducting due diligence and contract negotiations over a compressed timeframe.  The deal was negotiated off-market and is Standard Life Investments' first entry into the Brisbane market.  Roy Melick said "this transaction reinforces the continuing level of global investors' interest and demand for good quality Australian CBD office assets and Baker & McKenzie's role in successfully assisting investors in acquiring Australian commercial real estate."

The Eagle Street transaction is the third in a series of property acquisitions by Standard Life Investments in Australia for its Select Property Fund.  With a mandate to spend about A$500 million in the Asia Pacific region further acquisitions may take place in Singapore, Japan or Hong Kong.  Standard Life Investments' previous office/retail property purchases were 16 Spring Street in Sydney for $26 million and 55 St Georges Terrace in Perth for $47 million, on both of which Baker & McKenzie acted.

Mullins Lawyers acted for the vendor, Trinity Property Trust.