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Corrs advises on Aus, Japan property deal

Corrs advises on Aus, Japan property deal

Corrs Chambers Westgarth has acted on the sale of a major Australian residential development company's contract building division to a Japanese company.

Corrs Chambers Westgarth has advised major Australian residential development company AVJennings Limited on the sale of its contract building division to the Japanese listed Sekisui House Limited.

The arrangement involves both the sale of the operating division and the formation of an alliance between the two companies around land and the use of the AVJennings brand, ownership of which will remain with AVJennings Limited.

AVJennings will receive payments under the arrangements equivalent to the net asset value of the business on the completion date.

The sale of the contract building division now allows AVJennings to fully focus on its core land and integrated housing businesses and the development of residential communities, which has been an integral component of AVJennings’ operations for almost 80 years.

Corrs advised on all aspects of the transaction including: regulatory approvals; corporate structure and separation issues; and intellectual property and property issues in all States in which the business owns real property.

The Corrs team is led by Melbourne corporate advisory partner Simon Morris together with senior associates Laura Keily and Sandy Hanspaul, and lawyers Tim Dobney and Mimosa Rizzo.

The core team is supported by a multi-jurisdictional team reflecting AVJennings’ national operations.

The transaction is conditional on the approval of the Foreign Investment Review Board (FIRB) and other regulatory approvals. It is expected to settle on or around 31 July 2010 if approved.

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