Allens advised a global investment manager in closing the first stage of a development that shifts a major Australian university from the traditional campus model.
The top law firm advised InfraRed Capital Partners (Australia) on the Greater Curtin Stage One, which reached financial close earlier this month. Procurement for the stage began in 2016, Allens said. The new development, reported to be worth $300m, is the cornerstone in the delivery of Curtin University’s campus strategy, it added.
David Donnelly, lead partner on the deal, said that the stage is a shift from the traditional university campus paradigm to a multipurpose destination model. The firm said that challenging the traditional concept of a university makes the project “inherently complex,” requiring input from numerous stakeholders.
“It’s a true precinct deal and a complex one, involving new and existing student accommodation, a hotel, self-contained apartments, industry-partner spaces, retail, parking, and public open spaces. The project will create much of the infrastructure and culture upon which the Greater Curtin vision will be built,” Donnelly said. “Tertiary education is a key export for our economy, and student accommodation is becoming increasingly recognised as an investment-grade asset class among institutional investors. We were therefore delighted to advise InfraRed on this complex project.”
He said that the firm mobilised a team of more than 60 lawyers, including nine partners, from a range of practices to ensure the deal is a success, he said.
The Allens projects and development team also included partner Nigel Papi, managing associate Tristan Iredell, associate Daniel Abadee, and lawyer Kate Fitzsimons.
The Allens banking and finance team include partner Scott McCoy, senior associate Steven Faulkner, overseas practitioner Maria Ryan, and lawyer Jo Ye.