MinterEllison advised Richmond Bridge on SPV for $105m prime industrial site for acquisition

The 13.2-hectare property at Yarraville, close to Port Melbourne, adds to Unisuper’s $6.3 billion unlisted property portfolio. UniSuper plans to redevelop the site into a modern infill logistics estate benefitting from its location and the nearby projects and infrastructure, including the West Gate Tunnel and the Fisherman Bend Urban Renewal project.

As part of the SPV, Richmond Bridge will manage and operate the property on behalf of UniSuper.

A combined MinterEllison team of corporate M&A, real estate and tax experts developed the investment mandate structure and special investment vehicle. They also conducted the due diligence on the site and were involved in the sale negotiations and documentation.

The MinterEllison team was led by Carla Deluca, Andrew Stone and Adrian Varrasso.

“We worked closely with the Richmond Bridge team and UniSuper to design and create investment structures that met the partnership objectives in the industrial sector. We look forward to seeing the redevelopment of the site and are grateful to the Richmond Bridge team for the opportunity to work on a this exciting industrial redevelopment” Carla Deluca said.

This deal is one of a number that the MinterEllison corporate M&A, real estate and tax team has closed over recent times:

  • Dexus $1.4 billion development of Atlassian’s HQ
  • Salter Brothers’ $200 million purchase of Spicer Retreats
  • Qantas sale and leaseback of 13.8-hectare site at Kingsford Smith Airport for $802 million
  • Salter Brothers purchase of Travelodge portfolio for $620 million
/Public Release.