Gilbert + Tobin has advised the lender syndicate on a $750 million secured financing for Barings’ acquisition of Moorabbin Airport.
Barings led a consortium of investors in the acquisition of Moorabbin Airport from Goodman. The airport comprises a 294-hectare landholding in Melbourne, with diversified aviation, logistics, retail and commercial uses.
The financing was structured to support an asset with both infrastructure and real assets characteristics. A key focus was the airport’s commercial property portfolio, including major subleasing arrangements across the site.
G+T advised the lender syndicate across all aspects of the financing, from the initial commitment documents through to long-form facility and security documentation. The matter required a financing structure capable of addressing the airport’s leasehold land tenure, commercial subleases and property-backed cashflows, together with the broader operating context of the airport.
The transaction also involved Commonwealth approval and consent processes relating to security over Crown land, including negotiation of a tripartite deed with the Commonwealth.
The G+T team was led by partner Alex Tonkin, with support from Greg Wolszczak, Jaron Lam, Kai Chue and Olivia Reynolds.
Alex Tonkin commented:
Alex TonkinMoorabbin Airport is a rare asset in a tightly held market, and this financing adds to G+T’s strong experience in airport and real assets financings. We are pleased to have supported the lender syndicate on a structure that could accommodate both the airport operating environment and the commercial property features of the asset, including its significant subleasing arrangements. It was a privilege to work on a transaction supporting the next phase of the asset’s ownership and growth.
