Allens has advised Wilson Parking Australia 1992 Pty Limited on its acquisition of the headlease interest in the Sydney Opera House Car Park for approximately $80 million.
The 11-storey car park provides 1176 bays accommodating about 750,000 vehicles annually.
The acquisition followed a competitive tender process run by Korda Mentha on behalf of Real Estate Capital Partners Trust 3. The deal will settle once consent from the headlessor (Government Property NSW) to the transfer of the headlease is formally obtained.
According to Nicholas Cowie, who led the Allens team on the transaction, the car park is another significant Australian acquisition for Wilson Parking and enables it to secure full control of the management and operation of the iconic parking facility that it has operated, as a subtenant, since 2005.
'We assisted Wilson in setting up its current operating arrangements with Mariner and the Sydney Opera House Trust in 2005,' Mr Cowie said.
'We were delighted to be able to again work with them, through all stages of the tender and acquisition process with RECAP, in order to lock away a strategic asset for the Wilson Parking business in Australia.'
Allens legal team
Nicholas Cowie (Partner – Sydney), Jayne Fullerton (Senior Associate – Sydney), James Campbell (Lawyer – Sydney)
Ends
Notes for editors.
Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.