Carlton Hotels divestment
We acted for Carlton Hotels on the largest hotel transaction in Australia in recent years with several prominent hotels and accompanying management businesses sold in a single package. The sale was completed via a competitive tender process. The hotels, which included the Carlton Crest Hotels in Sydney, Brisbane and Melbourne were sold for a combined purchase price of $328.5 million setting a new record in Australia for this asset class.
Structuring of the Babcock & Brown Apartment Investment Trust involving the acquisition, financing and consolidation of real estate assets.
We acted for the Babcock & Brown Group in relation to the structuring of the Babcock & Brown Apartment Investment Trust. This involved the consolidation of a large number of entities from the Babcock & Brown Group and the Payce Property Group holding land assets to create the fund and to procure the finance for the consolidation and real estate acquisitions.
DBRREEF Wholesale Property Fund - purchase of 50% interests in 5 Westfield shopping centres at North Lakes, Hurstville, Mount Druitt, West Lakes and Plenty Valley and associated capital and finance raising.
We acted for DBRREEF Wholesale Property Fund in its acquisition of 50% interests in 5 Westfield managed shopping centres from the DBRREEF Diversified Trust . The shopping centres were located throughout Australia, 2 located in New South Wales, 1 in Queensland, 1 in South Australia and 1 in Victoria. We also advised DBRREEF Wholesale Property Fund in respect of its capital raising of circa $700 million and acted for it in relation to a $400million finance facility from a major bank to assist with the acquisitions.
Acquisition and development of the Myer Melbourne Site
The deal involved acquisition and redevelopment of a Melbourne icon and in doing so, effecting a significant change to the landscape of the Melbourne CBD.
Further, transaction also raised an array of complex issues which needed to be addressed and overcome to enable the parties to achieve their respective objectives within the proposed timeframe.
APPF Commercial - Acquisition of 800 Collins Street, Melbourne and Development of Myer National Support Office
We acted for Australian Prime Property Fund, a Lend Lease wholesale property fund, in the acquisition of 800 Collins Street in Victoria Harbour and in its negotiations with Lend Lease Development Limited who are to develop the building. Myer will lease the whole building on completion. Myer’s new headquarters will include ground floor retail and 10 large flexible office floors of nearly 3000 square metres. On completion the building will be an “A” grade environmentally-rated asset worth in excess of $175 million.
Wholesale public offering of the Australand Wholesale Property Fund No. 6
AWPF6 comprised a reasonably large portfolio by value, and the wholesale offering was central to the corporate goals of the client, including the ongoing repositioning of the Australand Property Group as a investment and funds management group in addition to its traditional property development activities. For the first time the Australand Property Group was able to obtain unsecured debt financing in connection with a wholesale property fund.
Acquisition of the Canberra Section 63 Land by the Leighton Properties Pty Limited and Mirvac Joint Venture
The acquisition represented the highest price paid for a vacant piece of land in Australia within a city centre. The site is presently a car park in the centre of Canberra’s city and is the first new development to occur within the City Hill Precinct. The area of the land is 26,840m2 (approx 2.6 hectares) with a broad range of uses including commercial offices, residential, hotel, car parks, retail, restaurants and bars with a permissible development potential in excess of 100,000m2.
Sale of Allco Retail Centre Fund Portfolio
The transaction involved the sale of a portfolio of shopping centres held in the Allco Retail Property Trust to Stockland.
The assets in question were located across New South Wales and Victoria and a range of issues needed to be overcome to facilitate the simultaneous sale of all of the centres.
"Ark" Development at Mount Street, North Sydney
We are acting for Investa on the “Ark” project - a striking new A-Grade commercial office building (28,500m2) to be constructed in North Sydney CBD.
Sydney Harbour Foreshore Authority - Darling Island Stage III
The project is the third and final stage in the Foreshore Authority’s revitalisation of Darling Island, a waterfront site on the edge of Darling Harbour and Pyrmont. This $100 million development is expected to be Sydney CBD’s first six green star building on Sydney’s harbour foreshore. We worked on all three stages of this significant development project with the Foreshore Authority.
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