Mallesons has acted for Singapore-based Ascendas Group, Asia’s leading provider of business space solutions, and Accor, a leading global hospitality group, on their acquisition of parts of Mirvac’s hotel portfolio interests. The transaction is one of the largest ever hotel management acquisitions in Australasia, and signals the consolidation of Australia’s hotel industry among a select group of top operators.
The transaction, the latest in a string of recent foreign investments into the Australian commercial real estate sector on which Mallesons has advised, will give Ascendas and Accor a stake in the Mirvac Wholesale Hotel Fund, Ascendas the management rights for the Fund, and Accor the hotel management. The Mallesons team was led by partner John Sullivan, who was supported by senior associates Mark Bayliss and Scott Phillips.
Mr Sullivan said “This was a really interesting transaction, involving multiple facets and complex regulatory overlay. There was also extensive coordination with multiple parties in different jurisdictions and a relatively tight transaction timetable. We were delighted to be able to support Ascendas and Accor with the expansion of their high quality portfolios, and to lend our market-leading expertise in inbound investment into the Australian commercial real estate sector.”
Mallesons has been proud to support a number of leading global and Asia focussed real estate managers and sponsors on the inbound investments that made and moved the Australian real estate market in 2011, please see A big year for inbound Australian real estate.
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