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G+T advises Palisade on Sunshine Coast Airport long-term lease and new runway development
Gilbert + Tobin advised Palisade Investment Partners (“Palisade”) on its successful bid to become operator of the Sunshine Coast Airport and commercial partner in the associated development of the Airport’s new runway and related facilities.
Under a 99 year lease, the arrangement includes the proposed construction of a new runway, apron expansion and related infrastructure. The runway project will reduce operational constraints at the airport, facilitate new route opportunities and increase economic development of the region by providing capacity to accommodate larger, more fuel-efficient aircraft and enabling more direct flights.
Real Estate + Projects partner Steven Mackay said:
“We are thrilled to have helped Palisade with this significant investment. It has been a complicated transaction both commercially and legally and it is great testament to both Palisade and the Sunshine Coast Regional Council that they have been able to agree terms on which they can partner to grow this important piece of infrastructure for the Sunshine Coast region. We are particularly proud of our team who brought a great mix of infrastructure, project, finance and M&A skills to make the transaction happen.”
The transaction was funded through equity commitments from Palisade’s Diversified Infrastructure Fund, together with investments from two of Palisade’s institutional clients, LGIAsuper and VicSuper.
Palisade is a specialist Australian infrastructure manager with over A$2.4 billion in funds currently under management and commitments. It currently invests in and manages a diverse portfolio of more than 20 infrastructure assets. The SCA transaction continues Palisade’s 10+ year involvement in the regional airport sector, through its successful investments in the Darwin, Alice Springs and Tennant Creek airports.
This multi-faceted transaction was coordinated across Gilbert + Tobin’s leading Real Estate + Projects and Banking + Infrastructure practices. Partners Steven Mackay and Alex Danne led the transaction team, assisted by lawyers Isabelle Wong, Mirela Leko, Sachini Mandawala and Andrew Kourpanidis. The Gilbert + Tobin team worked closely with Palisade’s General Counsel Ben Malone.
Palisade’s investment in Sunshine Coast Airport has been nominated for the Transport Investor of the Year, Asia Pacific category of the Infrastructure Investor Awards 2017.
The Real Estate + Projects team acts on some of the most complex deals in the market and is ranked in Chambers Asia-Pacific and the Legal 500 Asia Pacific. The Banking + Infrastructure team is consistently regarded by many as the firm of choice on banking and financial matters, particularly in relation to acquisition and corporate finance transactions, for which it has top tier ranking in Chambers. Gilbert + Tobin’s Corporate Advisory group is widely acknowledged as leading the market, with Band 1 rankings in Corporate/M&A, Equity Capital Markets and Private Equity in Chambers Asia Pacific.