Allens advises Barings on $1.5 billion Moorabbin Airport acquisition

Allens advises Barings on $1.5 billion Moorabbin Airport acquisition

Allens has advised Barings on its approximately $1.5 billion off-market acquisition of Moorabbin Airport, a complex transaction facilitating the change in majority ownership of the airport lessee company and non-aviation assets.

Located in Melbourne's bayside region, Moorabbin Airport is a unique mixed-use precinct comprising aviation, retail, commercial, industrial and development assets, including Kingston Central Plaza and Direct Factory Outlet. The scale and diversity of the precinct provide both established income streams and long-term development opportunities.

Moorabbin Airport will be acquired by a newly established fund backed by a consortium of leading institutional investors, reflecting a collaborative investment approach among leading institutional investors.

Allens advised on all aspects of the transaction, including negotiating the acquisition agreements, acquisition structuring, legal due diligence, fund establishment, debt financing, management arrangements and regulatory approvals. The transaction was particularly complex given the nature of the asset, requiring consent and approvals from the Department of Infrastructure, Transport, Regional Development, Communications, Sport and the Arts and the ACCC.

'This transaction highlights the value of bringing together expertise from across our real estate, corporate, funds and banking and finance teams to deliver a coordinated solution for clients. By working closely across practices, we were able to seamlessly support Barings through the establishment of the investment fund and completion of the acquisition,' said Partner Michael Graves.

'Bringing together a group of leading institutional investors to acquire a unique mixed-use precinct of this scale required careful structuring and coordination across multiple workstreams. We were pleased to support Barings on a transaction that positions the investors to participate in the long-term growth of this important Melbourne asset,' said Partner Chris Blane.

This transaction highlights Allens’ experience advising on large-scale real estate and infrastructure investments, combining expertise across acquisition structuring, fund formation, financing and regulatory matters. 

Allens legal team

Real Estate & Development

Michael Graves (Partner), Kelly Rankin (Senior Associate), Caitlin Tomaro (Lawyer), Sophia Di Mattina (Lawyer), Tom Buchanan (Law Graduate).

Mergers & Acquisitions and Capital Markets

Chris Blane (Partner), Ganesh Ratnasabapathy (Associate), Matthew Kynaston (Associate), Anthony O'Hanlon (Associate), Will Hodgson (Lawyer), Ella Anderson (Law Graduate).

Funds, Super & Financial Services

Sean Cole (Partner), Andrew Panaccio (Senior Associate), Zoe Tan (Overseas Practitioner-Admitted in England & Wales and New York only).

Banking & Finance

Warwick Newell (Partner), Sarah Delaney (Managing Associate), William Smith (Associate), Megan O'Leary (Lawyer).

Environment & Planning

Emily Johnstone (Partner), Katherine McLellan (Senior Associate), Emily Haw (Lawyer).

Competition, Consumer & Regulatory

Jacqueline Downes (Partner), Jessica Jane (Senior Associate), Ninad Kulkarni (Associate), Sally Eller (Associate).