find the latest legal job
Senior Associate - Competition, Policy & Regulatory
Category: Other | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· Work with a well regarded Partner · Sydney CBD
View details
Commercial Litigation Senior Associate
Category: Litigation and Dispute Resolution | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· Lawyers Weekly Australia Partner of the Year 2016, Insolvency
View details
MULTIPLEX Regional Legal Counsel (Vic) | 7 to 10 years + PQE
Category: Generalists - In House | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Career defining in-house role · Tier One international contractor
View details
Junior Lawyer - Personal Injury Law
Category: Personal Injury Law | Location: Parramatta & Western Suburbs Sydney NSW
· Highly specialized practice · Challenging role with great opportunities
View details
IR Advisor/Member Advocate
Category: Industrial Relations and Employment Law | Location: St Leonards NSW 2065
· Permanent (0.8-1.0 FTE) role in a developing team
View details
Deacons nabs largest Qld tourism acquisition

Deacons nabs largest Qld tourism acquisition

Deacons acted for MFS in one of the year’s largest acquisitions in the tourism sector — its $210 million acquisition of two five star Sheraton Mirage Resorts in Queensland from Japanese…

Deacons acted for MFS in one of the year’s largest acquisitions in the tourism sector — its $210 million acquisition of two five star Sheraton Mirage Resorts in Queensland from Japanese corporation Nippon Shinpan.

The transaction related to the Sheraton Mirage resorts on the Gold Coast and in Port Douglas, and their associate facilities, which included a retail centre, country club, golf course, tennis courts, commercial centre, marina, beachfront subdivision and surplus land adjoining the golf course.

Deacons worked on the due diligence, redevelopment advice, financing of the transaction, structure of the stamp duty and tax, and completion of the purchase. Partner David Colenso led the firm’s Brisbane-based property and finance teams on the deal, with partners Matt Derrick, Greg Mann, Tom Young and Craig Chapman.

Colenso said the transaction was complicated by the fact that MFS viewed the resorts as different performing assets. “[They] used four separate vehicles to acquire different parts of the resorts,” he said.

As well as the hotel assets, golf course, shopping centres and land available for redevelopment, the deal includes potential for strata titling of both hotels and the possibility of redeveloping the shopping centre and the marina at the golf course.

MFS entered into what was essentially a joint venture with the Ray Group, which owned the land adjoining the Port Douglas resort, to make the acquisitions.

“I was the lead partner because essentially both acquisitions were property plays rather than hotel plays,” Colenso said, adding that the collaboration with the Ray Group would enable MFS to make the best use of the assets acquired.

“The vision is to restructure the assets to extricate the hidden value out of them,” Colenso said.

Allens Arthur Robinson, led by Tony Davies from the Brisbane office, acted for the vendors.

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

Deacons nabs largest Qld tourism acquisition
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Human body, illegal organ trafficking, ALHR
Sep 22 2017
Australia poised to combat illegal organ harvesting: ALHR
The Australian Lawyers for Human Rights are calling for changes to the law so that organ trafficking...
Online service, barristers, BarristerSELECT, Stephen Foley
Sep 22 2017
New online service leverages barristers’ clerks to aid briefing
A new online tool has been launched to help NSW solicitors find the most suitable barristers for the...
NSW District Court judge, Tim Gartelmann SC, next appointment,
Sep 22 2017
Silk replaces outgoing NSW District Court judge
A barrister has been named as the next appointment to the NSW District Court, following the retireme...
APPOINTMENTS
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'...
opinion
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...
Help
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 & ...