Corrs acted in relation to the sale, by one of its wholesale funds, of a portfolio of three five-star Marriot operated hotels in Sydney, Brisbane and Melbourne to the Malaysian based YTL Group. The A$415 million sale price received for this sale is a record in Australia.
Corrs acted for leading Australian retail chain, Woolworths in its sale to Charter Hall of the largest ever Australian pub portfolio. The deal comprised the A$600 million plus sale and lease back of a major portfolio of 54 hotel, leisure and gaming assets. It also involved the establishment of long term triple net leases (70 years inclusive of options) over each of the assets.
Corrs is representing the Queensland Government in respect of the Queen’s Wharf casino and integrated resort development in the Brisbane central business district. The project is to comprise a mixed-use destination of circa nine hectares including over 1,100 premium hotel rooms in five new hotels. This will include Brisbane’s first six-star hotel, three residential towers with circa 2,000 apartments, a new casino and a pedestrian bridge over the Brisbane River.
Corrs advised the consortium of Hancock and Shanghai CRED in relation to the acquisition of S. Kidman & Co Ltd (Kidman), an iconic Australian company and Australia’s largest private landholder. Kidman operates cattle stations and associated infrastructure on an area of land covering in 100,000 km2. The deal involved complex issues related to the nature of the asset and the client, was multi-jurisdictional in nature, involved various types of land title (Crown land, freehold and land inside the Woomera Prohibited Area) and, due to the iconic nature of the asset and the identity of our clients, required a sophisticated government engagement strategy.
Advised Australian Unity on the establishment of its Australian Unity Retirement Villages Trust including reviewing the establishment of the Trust, conducting due diligence on the structures and documentation for retirement villages held by the Trust and their compliance with the relevant state retirement villages legislation.
Advised Karingal Green Health, Aged and Community Care Pty Ltd (Karingal Green), on its development of the Karingal Green residential aged care precinct in High Wycombe, WA including advice relating on the initial acquisition of the site and financing, as well as the agreement for the construction of a residential aged care facility.
Advised on the sale of its aged care facilities to Opal Aged Care, including establishment of the strategic partnership with Opal under which Opal owns and operates aged care facilities that are co-located with Stockland retirement living assets. This enduring relationship is an important value driver for the Stockland retirement living portfolio.
Corrs advised SGCH on its successful A$150 million bid for Phase 2 of the NSW Government’s Social Affordable Housing Fund. The SGCH scheme will deliver 260 homes in the Sydney suburbs of Alexandria, Bondi Junction, Newtown, Petersham, Riverwood and Liverpool by the end of 2022. Corrs advised on all aspects of the SGCH Phase 2 bid. In relation to property, Corrs advised on the structure for securing the seed properties having regard to the detailed bid requirements of the State, the funding model and the leasehold tenure arrangements put in place between SGCH and the landowner of the properties.
The A$185m program will redevelop older public housing homes and create more social housing properties across metropolitan and regional sites. Corrs is advising the Victorian Government (Department of Health and Human Services –Director of Housing) on all aspects of this project.
Corrs advised Housing NSW on the transfer of State owned housing stock to CHPs and arrangements to allow CHPs to borrow against the transferred housing. Corrs has participated in industry awareness workshops run by Housing NSW. Corrs also advised Housing NSW in relation to the housing stimulus package.Separate Corrs teams advised Bridge Housing, Hume Community Housing Association, BlueCHP and St George Community Housing in relation to various vesting and transfer arrangements with Housing NSW.
Corrs acted for the consortium between Frasers Group, Citta Property and Mission Housing Australia in respect of its bid for Ivanhoe Estate, a development site at Macquarie Park owned by Land and Housing Corporation NSW. The 8.2 hectare site will be transformed into an integrated neighbourhood of more than 3,000 dwellings including social housing dwellings mixed with affordable and private housing over the next 10 to 12 years. The Ivanhoe development is the first major project that will be delivered under the NSW Government’s Future Directions for Social Housing in NSW strategy and Communities Plus redevelopment program.