G+T recently acted as legal counsel to the lending syndicate for the Destination Brisbane Consortium in a role that secured $1.6 billion in debt funding for the Queen’s Wharf Brisbane integrated resort development in central Brisbane, which is expected to open in late 2022.
The funding covers construction and operating costs for the project going forward. Led by the Destination Brisbane Consortium (which includes The Star Entertainment Group, developers Far East Consortium and Hong Kong-based Chow Tai Fook), the project is currently under construction and, when complete, will feature entertainment facilities, new luxury hotels, 50 restaurants or bars, a new bridge across the river and 2000 new private apartments. Additional and separate financing will be secured for the residential development portion of the project.
G+T has been involved in all elements of the financing for the project from the inception of the term sheet phase through to agreed long form documents and satisfaction of conditions precedent to first funding. The team also advised on the tripartite agreements to be entered into with third parties, including the State of Queensland and a review of the legal due diligence in the wider context of the project.
G+T seamlessly managed the complexity of working with the lending syndicate, which consisted of 16 banks across the globe. They included financial institutions in China, Hong Kong, Macau, Japan, Singapore and Europe, as well as major Australian banks.
The G+T team was led by Banking + Infrastructure partner John Schembri, supported by special counsel Rachel Jones and Caroline Mathie and consultant Abby McIntosh. John commented, “We are pleased to be involved in this significant project and would like to congratulate the Destination Brisbane Consortium on securing this critical funding. This exciting construction of a world-class multi-purpose entertainment complex will attract both international and domestic tourism and be a boost to the local economy”.
About Gilbert + Tobin’s Banking + Infrastructure Practice
Gilbert + Tobin’s Banking + Infrastructure team is recognised in the leading legal directories, including most recently being ranked at Band 1 for Banking and Finance – Acquisition Finance by Chambers Asia-Pacific 2020 and Tier 1 for Restructuring + Insolvency by Legal 500. In the IFLR1000 Specialists Guide 2019, G+T are recognised for work in Unitranche financings, the only Australian firm to be recognised. G+T has significant experience advising leading Australian and international financial institutions, investment banks, corporations and private equity funds. We act for lenders, borrowers, sponsors and consortia on a range of issues from high-value corporate transactions to complex restructuring projects.