find the latest legal job
Inhouse Legal Counsel -18 months-4 PAE - Real Estate Investment Company
Category: Banking and Finance Law | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· In brand new prestigious CBD offices
View details
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
Corrs facilitates Foster’s land sale

Corrs facilitates Foster’s land sale

Corrs Chambers Westgarth acted for Foster’s Group Limited in the $845 million sale of the company’s land development arm, Lensworth, to the Stockland Group.Lensworth is a leading developer of…

Corrs Chambers Westgarth acted for Foster’s Group Limited in the $845 million sale of the company’s land development arm, Lensworth, to the Stockland Group.

Lensworth is a leading developer of master planned residential communities in southeast Queensland, New South Wales and Victoria.

Corrs partner Simon Morris said the transaction was successfully turned around within one week of final offers being received.

With 6,600 hectares of land, Lensworth was considered Australia’s largest available land bank at the time of the sale, Morris said.

“The transaction included consideration of alternative proposals for the rationalisation of the Lensworth assets; preparation of an information memorandum for submission to appropriate trade purchasers; development of standard sale documentation; and negotiation and finalisation of the transaction,” he said.

The transaction was a challenging one due to its size, the short time frame available, and the fact that there were three negotiations going on at once, Morris said.

However, it was carried off well, with all parties pleased it had been carried out smoothly to a quick conclusion, he added.

The deal could be seen as a defensive play by Stockland Group, which wouldn’t have wanted to see a competitor secure Lensworth and its considerable land bank.

From Foster’s perspective, the disposal of its “non-core assets” had helped the group in concentrating on the beverage industry, and assisting the launch of its takeover offer for Southcorp.

The transaction team was headed by Morris, who practises with the firm’s corporate advisory group, with the assistance of David Hallam, Naomi Porter and Teresa Chong from the corporate practice; Alan Hall from the property practice; and Reynah Tang from the revenue practice. The Corrs team assisted Foster’s in collaboration with financial advisers Ernst & Young, Goldman Sachs JBWere and Deutsche Bank. The transaction was completed in December 2004.

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

Corrs facilitates Foster’s land sale
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Animal law moots, advocacy, Melbourne University, Australia and New Zealand Intervarsity Moot on Animal Law
Sep 25 2017
Moot unleashes animal advocacy
Melbourne has played host to one of the largest animal law moots, with student participants put th...
Scales
Sep 25 2017
Transgender teens should not need legal approval for hormone treatment, court hears
A transgender 17-year-old known as Kelvin has appealed in the Family Court against the requirement o...
Appointed, Victorian Legal Services Commissioner
Sep 25 2017
NFP CEO appointed Victorian Legal Services Commissioner
The CEO of a Victorian not-for profit pro bono legal services provider has been named as the state...
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 & ...