David Stitt

David’s experience, predominately in a principal or principal specialist style role, has included advising:

• Quintessential Equity Group on the acquisition by of 240 Queen Street, Brisbane (combination land sale and unit trust acquisition), 1 Margaret Street, Sydney and 515 St Paul’s Terrace, Brisbane.
• RAM Group on the equity capital structure, trust deeds and joint venture documents and negotiation of the joint venture (unitholders agreement) and capital investment documents for a healthcare fund joint venture, and a separate retail assets divestment and retail fund joint venture, with a Sovereign investor. Advice on various investment and property level management agreements and fee structure overlays. 
• Charter Hall Group on:
  • the sale of a 50% interest in 555 Collins Street by unit sale transaction with detailed ‘cost to complete’ and ‘performance based’ pricing provisions, with associated unitholder and management agreements. This also involved a subsequent MIT restructure and ‘performance based’ pricing amendments. This has subsequently involved amendments to the pricing approach and review of the price adjustment model.
  • various unit sale and co-ownership (unitholder) agreements, and development and fee agreements across various asset classes.
• Centennial Property Group on various acquisition and equity investment structures (including stapled structures), information memoranda, structure establishment, unitholder and investment and property services agreements. 
• Lendlease Funds Management (for Australian Prime Property Fund Commercial) on the acquisition of a 20% interest in the Salesforce Tower structure prior to practical completion, including amendments and accession to the existing Unitholders Agreement, via a unit sale transaction involving detailed ‘cost to complete’ and ‘performance based’ pricing provisions.
• M&G Group on various transactions in respect of:
  • the acquisition by of a 50% interest in a data centre industrial partnership property from Stockland, including on negotiation of the acquisition structure, equity capital structure, trust deeds and joint venture documents - unitholder and management agreements
  • its super majority interest in the Novus BTR platform (including on the unitholder agreements, capital subscription deeds, the investment, property and development management agreements and on the acquisition, and funding of several BTR sites for the Novus BTR platform.
  • the acquisition of its approx. 50% interests (through unit acquisition transactions) in:
    •  400 George Street; and 
    • 200 George Street holding structures, including on the unitholder, investment management and property level and management arrangements. 
  • the acquisition, “fund through” development and development fee agreements, joint ownership and associated management agreements for it’s 50% interest in 80 Ann Street Brisbane.
  • the investment by in joint ownership/unitholder arrangements with Ashe Morgan for 140 Creek Street (commercial office) and Dexus in the Dexus Industrial Trust Australia (including in an associated investment structure for an industrial development property).
• a foreign based sovereign fund on acquisition structures (including stapled structures), divestments and capital returns for various Australian investments. 
• a foreign based sovereign investor on its unsuccessful (second placed) bid by in the 83 site Blackstone industrial portfolio, via a proposed unit sale transaction.
• Herbert Smith Freehills Kramer on the development agreements for lease and lease by of premises in 480 Queen Street, Brisbane, 80 Collins Street, Melbourne and 1 The Esplanade, Perth.
• a foreign based sovereign investor on the acquisition of a part interest in 1 The Esplanade, Perth, including on establishment of the acquisition structure, asset management agreement and various aspects of the joint venture and associated agreements. 
• BentallGreenOak (BGO) on a super majority equity investment in a Queensland BTR project through a managed fund, including the funding, joint venture, services and fee agreements.
• Federated Hermes Real Estate the investment by on the acquisition of a super majority interest in an Australian BTR investment platform (established and managed by a United States based BTR operator), including the funding, trust deeds, joint venture/unitholders agreement, management services and fee agreements.
• a ‘loan’ based funding structure and development and management agreements for a Queensland based BTR project.
• on the acquisition of a circa 20% interest in Onefortyone Plantations Limited for a Government investor.
• on the acquisition of a 100% interest in the holding trust structure for 73 Miller Street, North Sydney.
• advice on trust deeds, unitholder agreements, and investment and property level management agreements for various MIT trusts associated MIS Opinions for various client’s including M&G Group, a foreign based sovereign wealth fund. 
• FIRB aspects of and applications for no objection notifications or exemption certificates on various of these transactions. 
• Lendlease Developments on various structured development arrangements, including for the RNA Exhibition Grounds master development site. This involved advising, along with others, on the development structure and master development agreement as well as on the structuring of site specific development and on-sale arrangements for various residential and commercial sites.
• QIC on various transactions including acquisition, equity investment/commitment, ‘joint ownership’ and investment and property services agreements for various QIC Property funds in connection with various QIC Australian and foreign investments over more than 15 years, including on:
  • various equity investments into various QIC Property Funds from time to time including commitment agreements and investor side letters with QIC.
  • various investor ‘business as usual’ style transactions from time to time, including QIC Real Estate fee letters, investor information and reporting agreements, investor applications, distribution reinvestment plans and associated participation documents and investor associate transfers.
  • various QIC Real Estate investment management agreements with its clients, investment side letters between QIC Real Estate funds with various investors and various reviews of, or new QIC Real Estate asset level development management and property management agreements.   
  • an investment by an offshore ‘State’ investor into a QIC infrastructure fund, including on the fund documents (including investor representation rights), client investment structure and investment management agreement. 
  • (working in an ‘inhouse’ capacity) in relation to QIC Real Estate’s acquisition of a 50% joint venture interest in a portfolio of US shopping centres, including the associated acquisition, joint venture and management and development management agreements.
  • (working in an ‘inhouse’ capacity) in relation to QIC Real Estate’s acquisition of a 50% interest a major shopping centre in the United Kingdom (including investment structure, joint ownership documents, management agreements and integration with funding arrangements) and in the subsequent initial joint owner exit and QIC’s subsequent investment exit.
  • the negotiation of equity contribution and investment structure documents for various international ‘fund of fund’ investments by QIC Real Estate in Japan, Singapore and the United States (including via Cayman Island equity investment structures).
• various information memoranda and equity commitment documents for third party investors into QIC Real Estate and LaSalle Funds Management managed real estate funds.  
• Hines and LaSalle Funds Management on the establishment and subsequent liquidation of various asset specific investment structures. 
• clients on various aspects of legal and tax structuring of joint ventures, corporate/investment groups, capital transactions and general commercial arrangements, including negotiating and drafting a broad range of commercial real estate transaction documents including share sale and unit trust sale agreements, option, sales, co-ownership, management, joint venture, development lease as well as other land access agreements.