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Port Moresby chosen for new multimillion-dollar project
Two firms have advised on development of a new project in Port Moresby worth $100.6 million.
Emma Musgrave
Firms: Norton Rose Fulbright (Star Mountain Plaza Limited); Allens (Bank of South Pacific Limited)
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Deal: Star Mountain Plaza Limited has been advised on the development and financing of its new project in Port Moresby, PNG.
Value: $100.6 million
Area: Banking and finance, infrastructure
Key players: The legal team advising Star Mountain Plaza Limited comprised of Norton Rose Fulbright partners Anthony Latimer, Chris Redden (pictured), Steve Johns and Mark Waddell, special counsel Melanie Hunter, senior associate Louise Santos, and associates Celia Boyle and Chris Sewry.
Deal significance: Star Mountain Plaza Limited has gained finances worth $100.6 million from the Bank of South Pacific Limited for the construction, development and operation of its Star Mountain Plaza project in Port Moresby.
Star Mountain Plaza will consist of a 212-room hotel, separate convention centre, carpark, restaurants, bars, swimming pool and gym, and is being built for the APEC Summit in Port Moresby in 2018.
The company said that the project will embody “the aspirations of the people of Papua New Guinea” and “will herald a new era for landowner-initiated investments” to the benefit of PNG people and communities.
Norton Rose Fulbright acted on all corporate and shareholder arrangements involving a joint venture between three major PNG entities – Mineral Resources Star Mountain, Mineral Resources Ok Tedi and Petroleum Resources Kutubu Limited. The firm also acted on the major construction aspects of the project.
This follows the announcement of the opening of Norton Rose Fulbright’s new office in Port Moresby in November last year, to service a broad range of growing sectors and industries as part of an expanded Asia Pacific network.
“We were pleased to have assisted Star Mountain Plaza Limited to obtain the funding needed to progress this important project,” said Norton Rose Fulbright partner Chris Redden.
“Not only will it provide the PNG people with a world-class facility, it will also assist PNG to run a successful APEC summit next year.
“Opening our first PNG office last year was a reflection of the huge potential we see in that country, and the Star Mountain Plaza project is a great example of that potential being realised.”
