Corrs Chambers Westgarth has advised Australian residential development company AVJennings Limited on the sale of its contract building division to Japanese listed Sekisui House Limited, who were advised by Minter Ellison.
The arrangement involves the sale of the operating division, as well as the formation of an alliance between the companies in regards to the use of land and the AVJennings brand - ownership of which will remain with AVJennings Limited.
Under the agreement, AVJennings will receive payments equivalent to the business's net asset value the date of completion.
The sale of the contract building division will now allow AVJennings to focus on its land and integrated housing businesses and the development of residential communities.
Corrs advised AVJennings on all aspects of the transaction, including regulatory approvals, corporate structure and separation issues, and intellectual property and property issues.
Led by Melbourne corporate advisory partner Simon Morris, the Corrs team included senior associates Laura Keily and Sandy Hanspaul, and lawyers Tim Dobney and Mimosa Rizzo.
The success of the transaction is conditional on the approval of the Foreign Investment Review Board (FIRB) and other regulatory bodies.
If approved, it is expected to settle on or around 31 July 2010.