The company is set to develop a proposed industrial logistics park in Victoria's Deer Park
Herbert Smith Freehills (HSF) has helped local construction materials company Boral Limited to pull off the arrangements for the staged development of a proposed industrial logistics park in Victoria’s Deer Park.
The developable area spans more than 450ha. Following an extensive on-market tender process, Boral has partnered with industrial and logistics property developer Logos to meet conditions precedent and to finalise the plans for the precinct’s long-term, staged development.
“The arrangements will extract value from the surplus land and, in due course, provide a long-term, recurring revenue stream to supplement normal business operations”, HSF lead partner Nicholas Cowie said. “This is the largest property transaction Boral has ever undertaken, with the sheer scale of the site at over 450 hectares of developable area, and its proximity to Melbourne’s CBD and major transport links providing a unique industrial development opportunity”.
Boral’s head of strategic projects, Peter Lim, explained that the project was “part of Boral’s broader strategy of repurposing surplus property to generate long-term, recurring earnings”.
“While there is still a long way to go before project realisation, we are excited by the scale of the project and the projected benefits of a world-class logistics precinct in Western Melbourne, which is a key and growing industrial hub with a critical shortage of industrial supply”, he said.
Cowie took the lead on the transaction alongside solicitor Arthur Hancock. The HSF team helped to negotiate the transaction documents in addition to advising Boral.
The core team was supported by consultant Jim Graham, special counsel on trust funds and issues Yorick Ng, finance managing partner Jinny Chaimungkalanont, and senior associate Mark Peters, who worked on structuring options. Competition partner Patrick Gay and disputes partner Michael Lake also lent their expertise.
