Maddocks lawyers have advised Malaysian developer Magna Prima Berhad on its $200 million acquisition of the Dynasty Living Apartments development at 218-236 A’Beckett Street, Melbourne.
The acquisition by Magna Prima Berhad, a publicly-listed company in Malaysia, is its first property purchase in Australia.
The development is a 26-level, 320 apartment, residential tower with a major retail offering on the ground floor. Construction is expected to start in early 2012.
The acquisition required advice on a number of legal issues, including large-scale due diligence, for the pre-existing development project.
It also involved advising Magna Prima on the existing agreements with contractors, adjoining landowners, and existing
pre-sale contracts for two-thirds of the apartments in the development.
Magna Prima Berhad was advised by a multi-disciplinary team from Maddocks, lead by Nick Holuigue (Development), and including Leigh Baring and Michael Taylor-Sands (Tax and Structuring) and Michelle Dixon (Disputes).
According to Nick Holuigue, the transaction was complex and detailed but was finalised within a tight timeframe.
“We used a multi-disciplinary team across our property, commercial and tax and revenue teams to deal with the many issues that may arise from a project of this scale.
“This project demonstrates the breadth of the Maddocks property team and its ability to deal with international clients involved in major property development projects,” he said.
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