M&G Asia A$150 million acquisition of Melbourne hotels

Overview:

• M&G Asia Property Fund, a Singapore-based property investor, has acquired two boutique art series hotels in Melbourne for A$150 million.
• The two hotels, namely The Cullen and The Olsen, come with a 30-year head lease to the Art Series Group which is a wholly-owned subsidiary of Asian Pacific Group.
• The deal represents M&G Asia Property Fund's first real estate investment in Australia.
• Ashurst (John Stawyskyj, Lindy Randall, Jason Cornwall-Jones, Robert Jamieson.) acted for M&G.

Candy Chan - Journalist - Asia-Pacific