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Roberts Co takes over 5 projects after Probuild falls into administration
Construction company Roberts Co has taken over the construction of five unfinished projects in Victoria, after one of Australia’s largest construction companies fell into administration in February.
Lauren Croft
Firm: Norton Rose Fulbright (Roberts Co)
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Deal: Norton Rose Fulbright has advised Australian construction company Roberts Co on its takeover of five unfinished Probuild projects.
Value: Undisclosed
Area: Projects and infrastructure, M&A
Key players: The NRF team was led by partner Emanuel Confos and supported by partners Steven Choi, Harriet Oldmeadow and Stephen Natoli.
Deal significance: Probuild fell into administration in February 2022, with 15 active projects worth $5 billion and hundreds of workers unemployed. Ten of these projects are located in Victoria, three are in NSW, one is in Queensland, and another is in Western Australia.
Roberts Co has acquired five of the projects located in Victoria. These include SP Setia’s Uno residential tower, PDG’s Elizabeth North headquarters and the CSL fitout, Woodlink’s 502 Albert Street hotel project, and ISPT’s 500 Bourke Street redevelopment.
Commenting on the deal, Mr Confos said the firm was “delighted to support Roberts Co on the acquisition of the five Victorian projects, which will ensure their completion and provide confidence for many subcontractors and employees as work recommences on site”.
“We look forward to continuing to partner with Roberts Co as they grow and develop their Victorian region offering,” he said.
