Clifford Possibility has acted for Swiss personal equity agency Companions Team on its AUD 620 million acquisition…
Clifford Chance has acted for Swiss non-public equity agency Associates Group on its AUD 620 million acquisition of lodge and hospitality giant Travelodge’s Australian hotel portfolio.
The offer is the major transaction of its form to choose place in the Australian current market, and one particular of the largest resort assets transactions in the Asia-Pacific to date in 2021.
The Australian hotel portfolio being obtained from Australian Securities Exchange-listed financial investment enterprise Mirvac and the Australian Countrywide Roads and Motorists’ Affiliation, consists of 11 lodges. The hotels are spread across a range of populace centres like the three Australian cities of Sydney, Melbourne and Brisbane.
Associates Team will purchase the resorts by means of a joint venture with Australian hotel and fund administration business Salter Brothers and GIC, a Singapore sovereign prosperity fund. GIC just lately also invested in the health care small business of just one of Malaysia’s largest conglomerates.
In using about Travelodge’s selection of resorts, Partners Group hopes to effectively leverage the long-term worth of Australia’s hospitality industry, also enabling it to scale up in the sector right away.
In January this yr, GIC and authentic estate expenditure business Kennedy Wilson formed a joint undertaking to examine urban logistic property alternatives in the United Kingdom. In the same thirty day period, GIC manufactured an acquisition offer of USD 420 million for a 17.5% fascination in AC Electrical power Philippines.
The transaction’s completion is topic to receiving customary closing circumstances.
Clifford Chance’s advisory team was headed up by two partners, Reuben van Werkum and Andrew Crook, with associate Artem Paoutov, senior associates Marcus Berghouse and Jenny Han.
In a assertion, van Werkum named the offer a “landmark portfolio transaction”, introducing: “The Travelodge portfolio presents an fascinating system for foreseeable future expansion. Australia’s tourism and hospitality sectors stand to reward from the progressive reopening of the Australian economic climate and signify an interesting price proposition.”
Van Werkum ongoing: “We are looking at large degrees of exercise in these sectors and the business is very well-put to provider our monetary trader purchasers on serious estate expenditure activity in Australia and the Asia-Pacific area.”
Partners Team also acquired 11 Class-A workplace properties in Poland from real estate administration team BUMA for about EUR 200 million.