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Freehills, Clayton Utz, advise on Barangaroo deal
Freehills advised Lend Lease on its tender to develop Sydney’s Barangaroo South development. Clayton Utz acted for the Barangaroo Delivery Authority.
The New Lawyer
Freehills advised Lend Lease on all legal aspects of this property development, including the bid, project agreements, and launch of a new wholesale property trust securing A$2 billion of equity funding from major institutional on-shore and off-shore investors and Lend Lease, the firm announced.
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The legal team is also advising on subdivision and long term titling of the site, multiple 99 year ground leases to facilitate the development and project agreements.
Freehills also assisted Lend Lease in converting leasing agreements with Westpac Banking Corporation and KPMG.
The A$6 billion Barangaroo South development, on the western foreshores of the Sydney CBD, will supply 40 per cent of the forecast demand for prime Sydney office space over the next 10 years. It will deliver prime office space for 23,000 workers, 800 residential apartments, and dedicated public space with a 2.2-kilometre new public foreshore walk.
The development also aims to achieve a 6 star green building rating for its commercial towers.
The Freehills legal team included senior projects partner Murray Dearberg and funds M&A expert Justin O’Farrell, who oversaw the establishment of the investment vehicles. Partners Julie Couch, Greg Hing, Justin Pelly, Melita Cottrell and Rob de Boer had key legal roles in leasing, financing and the innovative green utilities structure.
Justin O’Farrell commented: “The efforts of the teams putting it together have been very significant and it is the largest property development transaction in any CBD in Australia. Lend Lease has once again demonstrated its leading position in the wholesale market securing a partner of the calibre of Canada Pension Plan Investment Board.
“The new vehicle also delivers significant pipeline opportunity to Lend Lease’s existing stable of institutional investors. $2bn in equity is no small raising.”
