Allens Arthur Robinson has acted for GPT Group on the A$185m sale of the Four Points by Sheraton Hotel in Sydney, and the A$200m acquisition of an additional 16.67% stake in the Highpoint Shopping Centre and Homemaker City in Maribyrnong, Victoria. The diversified listed property group has provided plenty of work for Allens, including its recent A$1.7bn capital raising and the sale of Floreat Forum shopping centre to a Perth investor.
The firm’s relationship with GPT will continue to pay off as the company pursues a strategy of selling off non-core assets to reduce its debt burden. Partner Nicholas Cowie worked on both transactions and said that there will be more activity for property practices as the property market comes close to bottoming out.
“After its capital raisings earlier in the year, GPT now has a much stronger balance sheet which can be used to build on core portfolios in the Australian retail, office and industrial/business park sectors,” he said. “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.”
Freehills also worked on both deals, with Arnold Bloch Leibler advising on the Highpoint Shopping Centre transaction and Baker & McKenzie working on the sale of Sheraton to an offshore investor.
ALB Practice Area Guides recommended firms:
SYDNEY
BAKER & MCKENZIE
DEACONS
GILBERT + TOBIN
HENRY DAVIS YORK
HOLDING REDLICH
MELBOURNE
DEACONS
JOHNSON WINTER & SLATTERY
MADGWICKS
NORTON GLEDHILL
TRESSCOX LAWYERS
BRISBANE
CARTER NEWELL
CORRS CHAMBERS WESTGARTH
HOLDING REDLICH
HOPGOODGANIM
MCCULLOUGH ROBERTSON
ADELAIDE
FINLAYSONS
JOHNSON WINTER & SLATTERY
KELLY & CO
MCDONALD STEED MCGRATH
PIPER ALDERMAN
PERTH
ALLION LEGAL
COCHRANE LISHMAN
CORRS CHAMBERS WESTGARTH
JACKSON MCDONALD
MIDDLETONS
OTHERS
CRIDLANDS MB LAWYERS
NEW ZEALAND
BELL GULLY
BUDDLE FINDLAY
KENSINGTON SWAN
MINTER ELLISON RUDD WATTS
SIMPSON GRIERSON
NATIONAL TOP TIER FIRMS
ALLENS ARTHUR ROBINSON
BLAKE DAWSON
CLAYTON UTZ
FREEHILLS
MALLESONS STEPHEN JAQUES
MINTER ELLISON
