Login
Cadence Property launches $39m joint venture
Hall & Wilcox has advised Cadence Property Group on its $39 million joint venture.
Tony Zhang
Firms: Hall & Wilcox (Cadence Property Group).
Value: $4.5 million.
Area: Financial services.
Key players: Financial services partner Harry New and special counsel Vince Battaglia (financial services and funds) led the Hall & Wilcox team, which included special counsel Rachel O’Donnell (tax), senior associate Hamish McNair (litigation and dispute resolution) and foreign qualified lawyer Greg Patton (financial services).
The team assisted Cadence in negotiating the terms of the joint venture with Assembly and the commercial and legal ramifications of the transaction.
Deal significance: This is the first joint venture between Assembly and Cadence.
The firm advised Cadence on the terms of the joint venture arrangement to provide the equity for the purchase and assisted the business through the complexities that arose from COVID-19’s impact on the property market.
Hall & Wilcox said it was therefore important to ensure the arrangements appropriately documented both parties’ commercial intentions.
Further, additional complexities were added throughout the transaction as the impact of COVID-19 on economic conditions became more apparent.
“It was a pleasure to work with Cadence throughout this transaction. We enjoyed helping Cadence negotiate the terms of the deal, which required everyone involved to bring flexible, pragmatic and commercial judgements to help get this deal over the line within the required timeframe to complete the acquisition,” Mr New said.
Cadence has built a reputation in generating innovative property solutions.
It has $434 million worth of commercial and industrial assets transacted throughout Australia, and $800 million worth of projects in planning or nearing construction.
