FREEHILLS’ WORK on the Queensland Investment Corp (QIC) sale of its three-tower Central Plaza complex in Brisbane was boosted by its own cutting-edge information technology systems, the firm has announced.
In what is the largest commercial property transaction in Brisbane, the $839.2 million deal was led by banking and projects partner Kerry Heilbronn. As part of the deal, the firm created and maintained an online data room for bidders in addition to the more usual demands of conducting vendor due diligence and producing a due diligence report for QIC.
The data room is a world first, the firm said, designed and produced by a team of information managers from Freehills. The firm worked to compile all the information needed for the transaction, allowing access to information from all three Central Plaza buildings. Bidding teams could then locate and review information swiftly, the firm said.
“Our experience coupled with our systems allowed us to produce a data room that clearly displayed the strength of the client’s assets,” said Heilbronn.
The systems enabled large teams of lawyers to be available in key periods of the transaction, the firm said. This approach was designed to speed up the transaction by reducing the time bidders spent in data rooms. The firm said the data room facilitated the transaction to move through each stage.
The Central Plaza One and Two transactions are scheduled to settle early this year and Central Plaza Three is settling on practical completion of the building, scheduled for later this year.