Allens has advised the Destination Brisbane Consortium on the $1.6 billion project financing of the Queen’s Wharf Development Project.
The $3.6 billion Queen’s Wharf Development is an integrated resort development designed to transform the Brisbane CBD into a tourism, leisure and entertainment destination.
The project was awarded by the Queensland Government to the Destination Brisbane Consortium (DBC), which comprises the Star Entertainment Group, Chow Tai Fook Enterprises and Far East Consortium.
The Allens team advised DBC on all aspects of the $1.6 billion project financing of the project, which reached financial close at the end of June despite difficult conditions arising from the COVID-19 pandemic.
The team worked closely with DBC and their financial adviser Macquarie to develop an innovative financing solution to meet the consortium’s financing requirements and navigate turbulent financial markets.
Partners Nicholas Adkins and Alan Maxton led the Allens team, together with Senior Associate Sunny Jong, Associate Sam Forsyth and Lawyer Jo Ye.
‘Being able to complete the project financing, particularly in such challenging market conditions, is a fantastic milestone for DBC,’ Nicholas said.
‘We are delighted to have been involved on such a landmark project for the consortium partners and the city of Brisbane and we are very keen to see the consortium’s vision come to life over the next few years as construction is completed.’
This transaction adds to the firm’s extensive track record in advising on market-leading project financing transactions, such as current bids for the New Footscray Hospital Project and the North East Link Project, among numerous others.