The deal represents the Thailand-based developer's largest project in Australia to date
Arnold Bloch Leibler (ABL) has assisted Thailand-based real estate development company Supalai on its investment in a master-planned communities project owned by Australian property group Mirvac.
Pursuant to the deal, Supalai has acquired a 50% interest in the $1bn Smiths Lane communities project in Melbourne and entered into a joint venture arrangement with Mirvac to work on the delivery of the future stages of the project. The investment represents Supalai’s 12th project in Australia, and its largest to date.
“I’m very pleased to establish this relationship with Mirvac Group, one of Australia’s leading real estate developers, in this high-quality, high-profile residential project, and look forward to further developing our relationship in the long-term,” Supalai chairman and CEO Prateep Tangmatitham said.
Property partner Dorian Henneron and senior associate Rob Deev led the ABL team in advising Supalai on the transaction.
“A big congratulations to Supalai on its new partnership with Mirvac,” Henneron said. “We’re thrilled to have worked with Supalai and its long-term advisor, Gersh Investment Partners, on this transaction and we look forward to seeing the progress of the Smiths Lane development.”
Situated on a 260-hectare site, Smiths Lane is expected to house more than 7,500 residents in the next ten years, with over 56 hectares of public open space planned. It will include a new local town centre, a government primary school, a private primary and secondary school, two active open space precincts with sporting ovals, seven local parks, community facility, wetlands, and walking and cycle trails along Cardinia Creek.
