Payton Capital leads syndicate to finance Australia’s tallest high-rise tower
KCL Law’s banking and finance team has advised a syndicate led by Payton Capital on an $80 million senior syndicated facility for the Australia 108 development – Australia’s tallest high-rise tower.
Firms: KCL (Payton Capital syndicate); Allen & Overy (Aspial - financing); Maddocks (Aspial - property)
Deal: KCL Law’s banking and finance team advised a syndicate led by Payton Capital and comprising offshore institutional investors on an $80 million senior syndicated facility for the Australia 108 development – Australia’s tallest high-rise tower.
The financing was used in part to refinance the previous construction financing for the development.
Located in Melbourne’s Southbank, Australia 108 is being developed by World Class Global – a subsidiary of Singapore’s Aspial Corporation.
Value: $80 million.
Key players: The transaction was led by Ilan Kraus, principal lawyer and head of banking and finance, and special counsel Trent Chugg, whilst supported by lawyers, Sophie Boyd and Chantelle Alberico.
KCL’s banking and finance team was also supported by the property team led by Morgan Scholz, head of property, and the construction and infrastructure team led by Darren Cain, principal lawyer and head of construction and infrastructure.
KCL Law also worked with James Ye, ShineWing Australia, in connection with advising the lenders on certain taxation issues.
Deal significance: With 101 levels and over 1,100 apartments, the construction for Australia 108 is shortly due for completion by its builder, Multiplex.
Mr Kraus commented on the transaction: “We were delighted to advise arranger Payton Capital, and the senior finance parties, in connection with this multifaceted, landmark transaction for our client”.