Login
Destination Brisbane finances Queen’s Wharf resort development
Gilbert + Tobin has advised the lending syndicate to the Destination Brisbane Consortium on the $1.6 billion funding for Brisbane’s Queen’s Wharf resort development.
Tony Zhang
Firms: Gilbert + Tobin (Destination Brisbane Consortium)
Value: $1.6 billion.
Area: Banking and infrastructure.
Key players: The G+T team was led by banking + infrastructure partner John Schembri, supported by special counsel Rachel Jones and Caroline Mathie and consultant Abby McIntosh.
Deal significance: The funding covers construction and operating costs for the project going forward.
Led by the Destination Brisbane Consortium (which includes The Star Entertainment Group, developers Far East Consortium and Hong Kong-based Chow Tai Fook), the project is currently under construction and, when complete, will feature entertainment facilities, new luxury hotels, 50 restaurants or bars, a new bridge across the river and 2,000 new private apartments.
Additional and separate financing will be secured for the residential development portion of the project.
“We are pleased to be involved in this significant project and would like to congratulate the Destination Brisbane Consortium on securing this critical funding. This exciting construction of a world-class multipurpose entertainment complex will attract both international and domestic tourism and be a boost to the local economy,” Mr Schembri commented.
G+T was involved in all elements of the financing for the project from the inception of the term sheet phase through to agreed long-form documents and satisfaction of conditions precedent to first funding.
The team also advised on the tripartite agreements to be entered into with third parties, including the state of Queensland and a review of the legal due diligence in the wider context of the project.
