Allens has advised joint venture developers Hostplus and Villawood Properties on their $350 million agreement with the South Australian Jockey Club (SAJC) to redevelop the Morphettville Racecourse in Adelaide, South Australia.
Part of a competitive bid process, the developers and SAJC will redevelop the 10-acre, rezoned site into a mixed use precinct comprising residential, retail, hospitality and commercial.
'We congratulate Hostplus and Villawood Properties on their successful partnership, which reflects an increasing trend of experienced developers partnering with private capital to secure and develop prized projects,' said lead Partner Michael Graves.
'Experts from our real estate development, finance and funds management practices worked side-by-side to secure the development rights and establish the investment structure of the project, all with a careful eye on the debt finance market, to ensure they were robust, developable and bankable.
'We look forward to continuing to work with the developers as the once-in-a-generation Morphettville Racecourse redevelopment takes shape.'
The Allens team drew on extensive experience advising on mixed precincts, including advising the financiers to the developer of Moonee Valley Racecourse in Melbourne, which bore many similarities to the Morphettville project.
