Allens has advised the lender-appointed Receivers and Managers of BrisConnections on the sale of the AirportlinkM7 tollroad for A$1.87 billion to the Transurban Queensland consortium.
The 6.7km AirportlinkM7 tollroad, 5.7km of which is tunnel, links Brisbane's CBD to its northern suburbs (including the Brisbane Airport) and was completed in 2012, before going into voluntary administration and receivership in 2013. The receiver-led sale process commenced in 2015.
Lead Partner Kate Towey said the transaction built on Allens' impressive portfolio of tollroad and infrastructure projects across Australia.
There were several interested bidders involved in the process, with Transurban Queensland's successful bid expanding their tollroad presence in the Queensland market.
Approval for the deal was required from the Queensland State Government (as the grantor of the concession to maintain and operate the tollroad).
'We have really enjoyed working with PPB Advisory as receivers of BrisConnections. It's a great result to have successfully completed a transaction that involved managing the interests and expectations of so many different stakeholders,' Kate said.
Allens' Sydney and Brisbane offices were involved in the transaction, which closed on 1 April 2016.
Allens legal team
Lead Partner, Kate Towey (Corporate); Guy Alexander, Partner (Corporate); Chris Prestwich, Partner (Restructuring and Insolvency); Ian Wallace, Partner (Banking and Finance); Alexandra Feros, Senior Associate (Corporate); Annabelle Aland, Senior Associate (Real Estate); Aparna Nanayakkara, Senior Associate (Restructuring and Insolvency); Philippa Abbott, Lawyer (Corporate)
Notes for editors.
Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.