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As The Great Wealth Transfer unfolds, trillions of dollars are set to move into the hands of new generations of investors, which will have a significant impact on how wealth is managed, invested and distributed. For corporates, family offices, fund managers, and high-net-worth investors, this transformation represents an opportunity to align with a new era of purpose-driven investing.

The evolving use of sovereign ownership mechanisms, such as Australia's Sovereign Share in Austal Defence Australia, the U.S. Government's Golden Share in U.S. Steel, and the UK's long-standing Special Shares in strategic defence companies, reflects a broader trend among Western governments to assert stronger control over critical national security assets.

Since we last examined the new mandatory and suspensory merger regime and how it applies to real estate transactions, the Treasury has published the final Competition and Consumer (Notification of Acquisitions) Determination 2025 which amongst other things sets out some welcome exemptions for certain property transactions. The ACCC has also provided further guidance on approaching the information requirements in notifications of acquisitions of leasehold interests during the transition period, and how to consider the relevant market for land acquisitions (including leases).