Media Release | 2 September 2020
Hall & Wilcox has advised Newmark Capital Limited on the $121 million acquisition of the landmark David Jones building at 299 Bourke Street, Melbourne, and the establishment of the Newmark Bourke Street Mall Trust.
Newmark has acquired the six-storey 1930s Bourke St Mall building for a new standalone trust backed by investors. It plans to refurbish the building when David Jones’ lease expires and re-lease it, with the lower three levels of retail to include one or two flagship stores and the upper four levels to be converted into ‘loft-style’ office accommodation.
Hall & Wilcox acted for Newmark on negotiating the debt facility with a major Australian bank and fundraising of up to $90 million in equity from investors.
Partner Harry New said, ‘We feel privileged to have acted on a milestone acquisition by Newmark of another iconic Melbourne commercial building to add to its stable, which already includes The Jam Factory and the Como Centre, all of which we are delighted to have acted on.
‘This transaction has been particularly satisfying given the current COVID-19 environment in Victoria and the complexities it has introduced into the execution of this kind of transaction. It says a lot about Newmark and the strength of its reputation and standing to have successfully completed the transaction at this time.’
Hall & Wilcox is a leading independent Australian law firm of around 750 people, including more than 90 partners, delivering outstanding legal services to corporate, public sector and private clients, both Australian-based and those offshore doing business in Australia. We have 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. The Hall & Wilcox culture of ‘Better Together’ means that our firm is uniquely placed to work collaboratively on transactions, with seamless cross-practice interaction between our offices and teams.
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