Hall & Wilcox acts for APN Newmark joint venture on property acquisition

Leading independent business law firm Hall & Wilcox has acted for a joint venture between APN Property Group and Newmark Capital on the establishment of the Newmark APN Auburn Property Fund (Fund), a wholesale fund that has acquired a $52 million retail property in Sydney’s western suburbs*.

The property, the Lidcombe Power Centre, will be overhauled by APN and Newmark into a sub-regional shopping centre worth about $120m at which time units in the Fund will be offered to retail investors.

Hall & Wilcox advised on various aspects regarding the securitisation of the property, including structuring advice, fund establishment, Information Memorandum preparation, finance, management agreement preparation and other ancillary advice.

The Hall & Wilcox team included Managing Partner Tony Macvean, partners Mark Inston and John O’Kane, special counsels John Bassilios and Richard Mann, consultant Rodney Richard, and lawyer Zoe Solomon.

Tony Macvean, said the firm’s experience in property fund transactions enabled a timely and seamless delivery. “This is another substantial transaction for the Hall & Wilcox market leading property funds practice.”

“Hall & Wilcox has a longstanding relationship with both APN and Newmark and is proud to have assisted with another unique investment opportunity.”

*Hall & Wilcox did not act on the actual acquisition of the property