Deal profile I Gadens acts on UOL Group’s acquisition of Pan Pacific Hotel, South Wharf, Melbourne
28 July 2017
Gadens in Melbourne has acted for Singapore-based and SGX-listed, UOL Group Limited (UOL Group) in relation to its acquisition of the long-term leasehold interest and associated business of a strategically located five star hotel in South Wharf, Melbourne. Following completion of the acquisition this morning, UOL has re-branded the hotel as a Pan Pacific Hotel.
Gadens was engaged to undertake comprehensive due diligence investigations, negotiate the terms of the property and business asset sale agreement and attend to completion of the transaction. Gadens also provided specialist advice in relation to regulatory and tax aspects of the transaction.
Firms involved: Gadens (UOL Group)
Deal value: Approximately $230 million
Deal area: Property, Corporate, Mergers and Acquisitions
Practice groups involved: Property, Corporate, Employment Advisory, Banking and Finance and Tax
Gadens partner Andrew Kennedy and Clare Peacock, special counsel led the team. Other lawyers involved in the transaction included partners, Jeremy Smith (Corporate), Siobhan Mulcahy (Employment Advisory) and Adam Howell (Banking and Finance) in addition to Dayna Thomas and John Darmanin (Property), Jodie Dennis and Akshay Naidoo (Corporate), Marion Cole (Employment Advisory), Harveen Dhaliwal (Banking and Finance) and Philippa Gilkes (Tax).
The hotel boasts 396 rooms and the acquisition is part of UOL Group’s plans to expand its hotel property portfolio and hotel management businesses in the region, adding to its existing PARKROYAL Melbourne Airport asset and other Pan Pacific and PARKROYAL sites across Australia.
Gadens partner Andrew Kennedy says:
“We are pleased to have been able to assist UOL Group in expanding its hotel property portfolio and hotel management businesses in Australia. UOL Group is one of Singapore’s leading publicly listed property companies with an extensive portfolio of development and investment properties, hotels and serviced suites. UOL Group has numerous hotels in Asia, Oceania and North America under the two renowned brands of “Pan Pacific” and “PARKROYAL”. This was a fantastic transaction to work closely with UOL Group on, as it involved bringing together the wide range of skills and expertise that are available within Gadens in Melbourne. We look forward to working again with UOL Group in the future.”
Gadens is a leading, independent top 10 Australian law firm with over 700 people, including 92 partners. The firm regularly undertakes highly complex and day-to-day legal matters for a wide range of clients. These include major Australian and multi-national organisations – Gadens is advisor to more than a quarter of the Top 200 companies listed on the ASX – as well as small to medium sized businesses.
Well regarded for our specialist, market-leading practices, we work with clients across a number of industry specialisations. Our significant breadth and depth of expertise encompasses banking and finance, corporate advisory and tax, dispute resolution, government, intellectual property and technology, private clients, property and construction, planning and environment, recovery and insolvency, and workplace, health and safety. Gadens has worked on some of the largest transactions in the Australian property marketing including, for example, the largest ever office investment sale in Melbourne (Cbus’ sale of CBW to GPT) and the largest ever single-tenant office investment sale in Australia (Cbus’ sale of 700 Bourke St to AMP Capital).