find the latest legal job
Senior Associate - Litigation & Dispute Resolution
Category: Litigation and Dispute Resolution | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Come work for a firm ranked in Lawyers Weekly Top 25 Attraction Firms
View details
Associate - Workplace Relations & Safety
Category: Industrial Relations and Employment Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Employer of choice · Strong team culture
View details
Freelance Lawyers
Category: Banking and Finance Law | Location: All Perth WA
· Freelance opportunities through Vario from Pinsent Masons
View details
Freelance Lawyers
Category: Other | Location: All Adelaide SA
· • Qualified lawyer with a strong academic background
View details
Freelance Lawyers
Category: Other | Location: All Melbourne VIC
· • Qualified lawyer with a strong academic background
View details
Woolworths leases back acquired centres

Woolworths leases back acquired centres

ARNOLD BLOCH Leibler acted for SAITeys McMahon (SAITM) and Australian Prime Property Fund Industrial (APPF), a fund managed by Lend Lease, on their acquisition and leaseback of Woolworths’ dis

ARNOLD BLOCH Leibler acted for SAITeys McMahon (SAITM) and Australian Prime Property Fund Industrial (APPF), a fund managed by Lend Lease, on their acquisition and leaseback of Woolworths’ distribution centres. Clayton Utz represented Woolworths on the deal, which was worth $846 million.

SAITM is a specialist funds management group that focuses on providing high income, mid-term investment solutions to investors. Part of the SAI Group, its funds under management total $2.9 billion. APPF was established by Lend Lease in 1989, and comprises three sector-specific unlisted property trusts, with combined assets of more than $3.4 billion in the retail, commercial and industrial property sectors.

The portfolio acquired from Woolworths was made up of 11 centres across Victoria, New South Wales, South Australia, Western Australia and Queensland. SAITM acquired eight of the centres, while APPF acquired the remainder. The acquisitions enhance both funds’ portfolio scale and diversity, while the long leaseback periods (15 to 17 years) offer security to all parties and allow Woolworths the flexibility to ensure its assets continue to meet changing operational needs.

Arnold Bloch Leibler’s role in the project included conducting due diligence and the negotiation and settling of acquisition, sale and finance agreements. The firm’s team was headed by Stephen Sharp and Ken Gray, with leading roles played by partner Ben Mahoney, senior associate Lily Tell and lawyer Damien Cuddihy. Julie Levis, of Clayton Utz, acted for Woolworths.

Tell said the transaction was conducted under a lot of pressure, due to the highly competitive nature of the bids, and further complicated by the cross jurisdictional nature of the transaction. “There was pressure from the merchant bankers to get the deal done.”

Clayton Utz had to deal with the large number of interested bidders, and used an electronic data room in order to do so. “It was a big job because there were so many properties,” Levis said.

Bidders were located around the country and overseas, but were able to access the documents from their own offices.

Both Levis and Tell said the legal teams had worked long, hard hours together in order to get the deal done. Other firms involved in the deal were Mallesons Stephen Jaques acting for the financier, Freehills and Allens Arthur Robinson. “Everyone worked very hard on all sides, as did the clients,” Tell said.

The deal was due to be finalised this week, but the documents were signed on 30 June, ahead of schedule.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Woolworths leases back acquired centres
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Scales of Justice, ALA, right-to-die law
Oct 24 2017
‘Right-to-die’ laws would be a relief for terminally ill: ALA
The passage of an assisted dying bill through the lower house of Victorian Parliament has been haile...
Oct 24 2017
Diversity top of agenda for future WA Law Society president
The advancement of diversity in the Western Australian legal profession will be one of the key items...
Oct 23 2017
How to fail well
The legal profession is due for an attitude adjustment when it comes to perceived failures, accordin...
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...