Media Release | 17 June 2020
Leading Australian business law firm Hall & Wilcox has advised Cadence Property Group (Cadence) on a $39 million joint venture with Assembly Funds Management (Assembly) to acquire a shopping centre in Sunshine (Western Melbourne). The firm advised Cadence on the terms of the joint venture arrangement to provide the equity for the purchase and assisted the business through the complexities that arose from COVID-19’s impact on the property market.
This is the first joint venture between Assembly and Cadence. It was therefore important to ensure the arrangements appropriately documented both parties’ commercial intentions. Further, additional complexities were added throughout the transaction as the impact of COVID-19 on economic conditions become more apparent. The Hall & Wilcox team had to give commercial and solutions-driven strategic advice in a fast-moving transaction.
Financial Services Partner Harry New and Special Counsel Vince Battaglia (Financial Services and Funds) led the Hall & Wilcox team, which included Senior Associate Hamish McNair (Litigation and Dispute Resolution) and Foreign Qualified Lawyer Greg Patton (Financial Services).
The team assisted Cadence in negotiating the terms of the joint venture with Assembly and the commercial and legal ramifications of the transaction.
Partner Harry New said, ‘It was a pleasure to work with Cadence throughout this transaction. We enjoyed helping Cadence negotiate the terms of the deal, which required everyone involved to bring flexible, pragmatic and commercial judgements to help get this deal over the line within the required timeframe to complete the acquisition.’
In recent months, the firm has been advising a number of property and funds management clients on getting the best commercial outcomes in a legal and economic climate of unprecedented commercial, tax, legal and regulatory change. Our strength across a number of practice areas has allowed us to provide strategic advice in a solutions-focused manner and this is a great example of that.
Cadence has built a reputation for being resourceful and responsive in generating innovative property solutions. It has $434 million worth of commercial and industrial assets transacted throughout Australia, and $800 million worth of projects in planning or nearing construction.
Hall & Wilcox has a strong understanding of the challenges and issues within the financial services sector. Our timely and commercial advice addresses all aspects of the law affecting companies and funds within the financial services sector. Our experience includes advising on financial services regulation and licensing, investment funds and property funds, and superannuation.
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