Allens acts for the GPT Group on sale of $185 million Four Points by Sheraton Hotel
2 November 2009
Allens Arthur Robinson (Allens) has acted for the GPT Group (GPT), one of Australia's largest diversified listed property groups, on the sale of the Four Points by Sheraton Hotel in Sydney, valued at A$185 million.
The sale to a private offshore investor is a significant part of GPT's non core asset sale program, with the proceeds going towards reduction of debt.
Allens Partner Nicholas Cowie – and Senior Associates Andrew Selim and Jayne Fullerton – worked alongside the team at GPT, advising on all aspects of the transaction, including virtual data room, sale of the Sydney Harbour Foreshore Authority long term headleases, sale of the hotel business assets and unwind of other hotel arrangements with third parties.
'It was a privilege to work alongside the GPT team again,' said Mr Cowie.
'After its capital raisings earlier in the year, GPT now has a much stronger balance sheet which can be used to build on GPT's core portfolios in the Australian retail, office and industrial/business park sectors. This is a great position for GPT now to be in, especially as an increasing number of quality opportunities arise at or near the bottom of the property market cycle.'
Ends
| Client | The GPT Group |
| Deal value | A$185 million |
| Allens legal team | Nicholas Cowie (Partner – Sydney), Andrew Selim (Senior Associate – Sydney), Jayne Fullerton (Senior Overseas Practitioner) |
| Other law firms involved | Baker & Mckenzie Freehills |
For further information, please contact:
- Jane FoleyCorporate Communications Coordinator,
Melbourne
Ph: +61 3 9613 8503
Jane.Foley@aar.com.au
Notes for editors.
Allens Arthur Robinson has staff in 14 cities and eight countries across the Asia Pacific.
