Deal: Allens has advised joint venture developers Hostplus and Villawood Properties on their $350 million agreement with the South Australian Jockey Club (SAJC) to redevelop the Morphettville Racecourse in Adelaide, which will see the developers and SAJC redevelop the 10-acre, rezoned site into a mixed-use precinct comprising residential, retail, hospitality and commercial.

Area: Property

Value: $350 million

Key players: The Allens team was led by partner Michael Graves, who was supported by partners Lisa Zhou and Geoff Sanders, senior associate Sam Fisher, associates Will Rennick and Tina Tran, and lawyers Eric Sofianopoulos and Tim Tabalujan.

Deal significance: Mr Graves said: “We congratulate Hostplus and Villawood Properties on their successful partnership, which reflects an increasing trend of experienced developers partnering with private capital to secure and develop prized projects.

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“Experts from our real estate development, finance and funds management practices worked side-by-side to secure the development rights and establish the investment structure of the project, all with a careful eye on the debt finance market, to ensure they were robust, developable and bankable.

“We look forward to continuing to work with the developers as the once-in-a-generation Morphettville Racecourse redevelopment takes shape.”