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Made in Japan: Minters acts on housing joint venture

Made in Japan: Minters acts on housing joint venture

Minter Ellison is representing Japanese property developer Sekisui House Limited (Sekisui) on a joint venture with ASX-listed local company Payce Consolidated Limited (Payce).Sekisui has…

Minter Ellison is representing Japanese property developer Sekisui House Limited (Sekisui) on a joint venture with ASX-listed local company Payce Consolidated Limited (Payce).

Sekisui has acquired a majority interest in development sites at Homebush Bay in New South Wales and Ripley Valley in Queensland, in a deal valued at $190 million.

Minter Ellison sat on both sides of the table during the transaction, advising Sekisui House and Payce on the final agreement. The team used its expertise from across the corporate, property, construction and employment groups at the firm.

Martin Bennett and Nicole Green, co-lead partners for the Sekisui House team, said acting for the company in its Australian debut was an exciting prospect.

"It isn't every day that we get the opportunity to represent such an important company on their entry into the Australian market. We are privileged to be representing Sekisui House on the establishment of their operations here," Bennett said.

"We have been impressed by the very clear strategy that Sekisui House has for this market. They are very astute with their selection of sites and understand the need to partner with established Australian players. They are primarily builders, and plan to build 'Sekisui houses' here, having identified the gap between supply and demand for residential housing in this market."

Victoria Mathewson, lead partner for the Payce team, said that the deal was not without complexity, requiring careful negotiations with key stakeholders in the Homebush Bay project.

"This deal was particularly complex due to the inter-conditionality of the Homebush Bay and Ripley Valley transactions, negotiations ... regarding facilities for Homebush Bay, as well as negotiations with Payce's previous joint venture partner, Babcock & Brown," she explained.

Minters had previously advised Payce, acting on acquisitions, joint ventures and financing arrangements for the housing group.

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