Allens has advised Barings on the establishment of a stapled investment fund structure to acquire Melbourne's Moorabbin Airport for $1.5 billion, structured to accommodate both the airport and the surrounding logistics, retail, manufacturing, and business services precincts.
Barings Real Estate Australia will act as investment manager and assume asset management responsibilities, including oversight of future development across the precinct.
Goodman Group, the current owner of the airport, will reinvest alongside other institutional investors, including Aware Super and Rest Super.
In a separate stream of work, Allens also advised Barings on the complex transaction facilitating the acquisition of the airport.
'We are pleased to have advised Barings on the structuring and formation of the fund to acquire Moorabbin Airport, and to work with the superannuation and institutional investors forming part of the consortia, including clients Aware Super, Rest Super and Goodman, to bring the transaction to a successful close,' said lead partner Sean Cole.
The fund raising and acquisition reflects the strong demand of superannuation and institutional investors to continue to weight exposure to industrial assets in well-located precincts with long-term development potential.
The transaction reflects Allens' market-leading capability in real asset investment fund formation, bringing together our expertise across investment funds, real estate, foreign investment (FIRB), ACCC and Airports Act, M&A, and banking and finance to deliver a coordinated solution for clients.
Allens legal team
Funds, Super & Financial Services
Sean Cole (Partner), Andrew Panaccio (Senior Associate), Zoe Tan (Overseas Practitioner-Admitted in England & Wales and New York only), Mimi Chester (Lawyer), Bouchra Chehimy (Law Graduate), Christiana Christoforou, Graduate Trainee (Qualifying for Admission in England and Wales).
M&A and Capital Markets
Chris Blane (Partner), Ganesh Ratnasabapathy (Associate), Matthew Kynaston (Associate), Anthony O'Hanlon (Associate), Will Hodgson (Lawyer), Ella Anderson (Law Graduate).
Real Estate & Development
Michael Graves (Partner), Kelly Rankin (Senior Associate), Shirley Shen (Senior Associate), Caitlin Tomaro (Lawyer), Sophia Di Mattina (Lawyer), Tom Buchanan (Law Graduate).
Foreign Investment Regulation
Andrew Wong (Mergers and Acquisitions Counsel)
Competition, Consumer & Regulatory
Jacqueline Downes (Partner), Jessica Jane (Senior Associate), Ninad Kulkarni (Associate), Sally Eller (Associate).