DLA Phillips Fox has acquired Hutchinson Macafee, a boutique commercial law firm focused on the property funds management sector. Corporate practice group leader David Morris said that DLA Phillips Fox had been looking to strengthen its service offering in the Australian property funds management space for some time.
The acquisition will add two partners and a special counsel to its Melbourne office. John Hutchinson and Tony Macafee joined the firm's partnership on Monday, just five months after establishing their own boutique operation.
Hutchinson was previously a corporate partner at Freehills and general counsel of Centro Properties Group, while Macafee has previously been general counsel, funds management of Becton Property Group. Alice Calderwood will also be joining the firm as special counsel.
Despite the collapse of the real estate investment trusts (REIT) market during the downturn, the two new partners believe it is set for a rebound. “For many in the market the last two years has been a battle simply for survival,” Hutchinson said. “I wouldn’t necessarily say the cycle is turning but there will be an increase in transactional activity.”
He said that activity could take the form of recapitalisation, restructuring or consolidation. “All those things are starting to evolve now,” he said. “Any of those directions in terms of the requirements for legal assistance provide good opportunities for legal firms.”
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