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NSW government advised on ‘landmark Land Titles concession’

NSW government advised on ‘landmark Land Titles concession’

New South Wales

A national law firm has acted as the legal adviser for the NSW government in relation to the multibillion-dollar concession of Land and Property Information NSW.

Firm: Gilbert + Tobin (NSW government)

Deal: NSW government has been advised on the concession of Land and Property Information NSW (LPI).

The transaction involved granting a 35-year concession to operate LPI’s titling and registry functions to the winning consortium, which was led by leading Australian infrastructure fund manager Hastings Fund Management and First State Super.

Value: $2.6 billion

Area: Government

Key players: The Gilbert + Tobin team was led by corporate advisory partner and chairman of the Gilbert + Tobin board, Bill Spain, competition and regulation partner Peter Waters, TMT partner Tim Gole, corporate advisory partner Tim Gordon, banking and infrastructure partner Gail Christopher and litigation partner Dianne Banks.

The team was supported by lawyers James Pomeroy (litigation), John Rhodes (TMT), Adrien Grady (TMT), Shelley Burger (corporate advisory), Philipp Gunther (corporate advisory), Elizabeth Spain (TMT), Stephanie Essey (TMT), Sophie Chesterton (competition and regulation), Tom Platt (competition and regulatory), Alice Pailthorpe (corporate advisory), Mitch Bennet (corporate advisory) and Jenny Leung (corporate advisory).

Deal significance: The proceeds of the transaction will allow the government to fund the upgrade of major NSW infrastructure, according to a statement from G+T.

The firm noted that the concession is the first of its kind in Australia, and its implementation involved advising on significant legislative reform and the preparation and negotiation of extremely complex concession documentation.

“The long-term concession of LPI is a first of its kind and involved a high level of innovation and collaboration across the G+T team,” Mr Spain said.

“We are pleased to have worked with the NSW Treasury on delivering such a successful outcome for NSW.”

Commenting further on the transaction, Mr Waters said the concession demonstrates the firm’s ability to seamlessly manage commercial drivers and bespoke aspects of transactions.

“LPI plays an important role in the NSW economy, and we are pleased to have helped deliver a robust regulatory and contractual model that also allowed the successful bidder to pay an outstanding price for the concession.”

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