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Allens builds multiple deals on one client
Allens Arthur Robinson is seeing a flow of work from one major property client.
The New Lawyer
ALLENS Arthur Robinson has advised diversified listed property group, the GPT Group, on two major property deals.
The firm acted on the company's acquisition of additional interests in Highpoint Shopping Centre and Homemaker City in Maribyrnong, Victoria, valued at A$200 million.
In another major property deal for the firms, it has acted for the GPT Group on the sale of the Four Points by Sheraton Hotel in Sydney, valued at $185 million.
Nicholas Cowie, a partner, and Jayne Fullerton, a senior overseas practitioner, worked on both deals.
A sale to a private offshore investor, in the Sheraton deal, is a significant part of GPT's non core asset sale program, the firm said. The proceeds went towards a reduction in debt.
Allens partner Cowie and senior associates Andrew Selim and Fullerton worked alongside the team at GPT in the Sheraton deal. They advised on all aspects of the transaction, including virtual data room, the sale of the Sydney Harbour Foreshore Authority long term headleases, sale of the hotel business assets and unwind of other hotel arrangements with third parties.
"It was a privilege to work alongside the GPT team again," said Cowie.
"After its capital raisings earlier in the year, GPT now has a much stronger balance sheet which can be used to build on GPT's core portfolios in the Australian retail, office and industrial/business park sectors. This is a great position for GPT now to be in, especially as an increasing number of quality opportunities arise at or near the bottom of the property market cycle," he said.
The firm has a long-standing relationship with GPT, Cowie said. It also advised on the recent sale of Floreat Forum shopping centre to a Perth investor, as well as the Victorian deal.
Tony Sheehan joined the Allens team on the Victorian deal.
The transactions were valued at more than A$200 million, and involved GPT acquiring an additional 16.67 per cent share in the properties from the Besen Family, who had previously owned 50 per cent.
The Victorian deal consolidated a major interest in one of Australia's leading shopping centre complexes, Cowie said.
