Global law firm Ashurst has advised Australia’s Mirvac Group on its acquisition of land lease operator Serenitas from Singapore's sovereign wealth fund GIC for $642.76 million along with Pacific Equity Partners Secure Assets (PEP) and Tasman Capital Partners.

Serenitas was represented by Baker McKenzie, while PEP was advised by Herbert Smith Freehills.

The structure will be a joint venture in which Mirvac and PEP will hold 47.5 percent ownership each, with the remaining minority interest held by Tasman, an existing co-owner.

The Ashurst team advising Mirvac was led by co-head of the firm’s corporate group in Australia, Anton Harris, and included partners Lisa Simmons, Con Tzerefos, and Rehana Box. The deal was also supported by real estate partner Pauline Tan, employment partner Jennie Mansfield, and intellectual property partner Anita Cade.

Corporate partner Lance Sacks led the Baker McKenzie team on the transaction.