Sydney, 7 July 2007 – LAWFUEL – The Law Firm Newswire – Baker & McKenzie has acted as legal adviser to international investment and advisory firm Babcock and Brown on the restructure of its international joint venture with real estate group, The GPT Group (“GPT”).
Both parties renewed their commitment to the joint venture for a further 5 years and reorganised management roles and responsibilities, including the appointment of Babcock & Brown to manage the fund. Since its inception in June 2005, the joint venture has invested in a portfolio of assets in excess of $6 billion, across a range of international property markets, including the United States, Australia, and Europe and various sectors, including the residential, retail, office and light industrial sectors. The fund is expected to grow to around $9 billion when the total committed capital of $2.2 billion is fully invested.
Baker & McKenzie’s team was led by Steven Glanz and Hal Lloyd. Allens Arthur Robinson advised GPT.
Baker & McKenzie has a long association with Babcock and Brown having handled a number of transactions for the firm over the years.