Minter Ellison advised Lloyds International while Freehills advised the buyer, Minter Ellison said in a statement.
Minter Ellison said the transaction is a strategically significant one for the Lloyds Group, and that it’s Lloyds International’s second distressed property loan sale in Australia.
The Minter Ellison team included partners Victoria Mathewson, corporate; John Elias, finance; Daniel Scotti, corporate; Lindsay Powers, dispute resolution; and David McElhone, real estate. John Nestel was the lead lawyer for Freehills, Minter Ellison said.
Minter Ellison has advised Lloyds International in relation to a number of transactions, most recently on the first sale of distressed property loans located in the Gold Coast, which took place in the second half of 2011 and was the first of its type in Australasia.
Lloyds will use the proceeds from the transaction to repay debt, the company said.