Allens acts for ALE Property Group on Australia-wide auction
8 October 2009
Allens Arthur Robinson (Allens) has acted for ALE Property Group (ALE), Australia's largest listed freehold owner of pubs, on the sale of six hotels, valued at more than A$36 million, via a live simulcast auction in four states.
Although an estimated 90 people attended the auction at Melbourne’s Crown Casino, another 170 people participated in auctions room in Sydney, Brisbane and Adelaide through phone and video link-up.
Allens Partner Nicholas Cowie, with Senior Associates Matti Bechler and Michelle Davies, advised ALE on the sales, including preparing disclosure material, auction contracts, information memoranda and handling multiple bidders' queries in a compressed timeframe.
Allens and their Adelaide agent, Finlaysons, were present at the four auction venues around Australia, coordinating the sales in accordance with the requirements of the various jurisdictions where the properties are located.
The recent sales takes ALE's total sale of hotels to 11 over the past six months, reflecting a strong demand in the current market for quality, affordable hotels with a strong lease covenant, said Mr Cowie.
'Having helped create ALE in 2003 and acted on the acquisition of all of the hotels in the ALE portfolio, we are very pleased to have assisted in the first two tranches of sales which form part of ALE's strategic capital management initiatives. Our presence in each of the auction venues with State-based specialists meant we were on the ground to offer the full suite of services in a coordinated way which ensured the sales were executed efficiently.'
Ends
| Allens legal team | Nicholas Cowie (Partner – Sydney), Matti Bechler (Senior Associate – Melbourne), Michelle Davies (Senior Associate – Brisbane) and Dennis Wong (Lawyer – Sydney) |
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.
