Brisbane, 21 July 2020: A Clayton Utz team has acted for one of Japan's largest developers, Mitsubishi Estate, on its acquisition from Lendlease of a 25 per cent interest in the One Sydney Harbour Residences One (OSH R1) project in Barangaroo, Sydney. The transaction completed on 2 July.
OSH R1 is one of Australia's most prestigious residential development projects, with 317 residential units expected to generate an estimated AUD$2 billion in sales revenue.
Clayton Utz brought together a multi-disciplinary team to advise on the transaction, which involved complex finance structures and planning regulations. Japan practice group leader and partner Hiroyuki Kano and Japan practice group member and senior associate Masatoshi Suzuki led the Clayton Utz team, which included partners Kathy Santikos (Banking), Lina Fischer (Major Projects), Carrie Rogers (Real Estate) and Claire Smith (Environment and Planning). Other team members were special counsels Tania Chahine and Kate Thomas, senior associates Lauren Smith, Lance Bode and Tanvir Ahmed, and lawyers Leona Zhang and Shaun Chng.
Lead partner Hiroyuki Kano said the team was pleased to assist Mitsubishi Estate in achieving successful completion of the transaction, notwithstanding the challenging economic environment.
"This was a highly complex deal on which to advise, and involved a truly team effort from our Clayton Utz team who brought together their expertise in corporate/M&A, real estate, financing, environment and planning and projects to navigate the complexities successfully. We congratulate Mitsubishi Estate on its investment, which highlights that there is still strong appetite for Australian assets despite the global economic conditions."