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Deals 28 January 2005

Deals 28 January 2005

Phillips Fox advised Tankstream Capital Limited and St George Bank Institutional Property on the establishment and debt financing of the Tankstream Property Investments Fund, a new retail…

Phillips Fox advised Tankstream Capital Limited and St George Bank Institutional Property on the establishment and debt financing of the Tankstream Property Investments Fund, a new retail property security fund aimed at producing institutional-type returns for investors.

Phillips Fox corporate partner Andrew Mutton and corporate lawyer Elizabeth Mifsud acted for Tankstream Capital.

Phillips Fox finance senior associate, Ben Burney and finance lawyer Hugo Thistlewood, acted for St George Institutional Property, which provided acquisition and working capital facilities to the fund.

Burney said the documentation for the deal was “relatively complex”.

“Given the fund’s investment strategy, the structure of its investment portfolio and the associated compliance and reporting matrices, it was essential that both the fund and the debt documents dovetailed with each other adequately,” Burney said.

Blake Dawson Waldron (BDW) was involved in the sale of Edison Mission Energy’s (EME)international generation portfolio, for US$2.3 billion (net). This included the Australian assets of the Loy Yang B Power Station, the Kwinana Co-generation Plant and the Valley Power Peaking Plant.

BDW acted as Australian counsel to EME on the sale, including vendor due diligence, tax and stamp duty advice, third party, lender and regulatory consents, Australian aspects of the share sale agreement and closing matters.

The transaction involved lawyers from property and projects, financial services, tax, competition and corporate advisory. Cam Johnston led the team.

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