ISSUE 4 | 2021
50
KEY DEALS One of the quarter’s biggest disclosed deals was the USD 457m acquisition of Tucker Box’s 11 Travelodge Hotels by Partners Group from Mirvac and NRMA. Partners Group, a global private markets firm, acquired the portfolio in partnership with Singaporean sovereign wealth fund GIC and Australian hospitality operator Salter Brothers. The portfolio has properties in Sydney, Melbourne and Brisbane and consists of more than 2,000 rooms. It represented the biggest hotel real estate transaction in Australian history. Partners Group said that acquiring the portfolio provided an opportunity to capitalise on the long-term relative value of Australia's hospitality sector. The portfolio is also set to benefit from a nationwide campaign launched this year to increase domestic tourism. Another significant transaction was
in advancing the company’s pipeline of growth projects. The sale followed an intense period of growth, including the merger with Saracen Mineral Holdings Limited in February 2021. The merger will unlock synergies and provides a net present value of between USD 1.5bn–USD 2bn, creating a new gold producer in the global top 10.
AMP said that the sale delivered on AMP Capital’s strategy to focus on high-growth opportunities in private markets across real estate, infrastructure and associated adjacencies, and is also an important step in preparing the business for its planned demerger from AMP Limited in H1 2022. AMP Capital’s GEFI business currently manages approximately USD 45bn in assets under management for AMP Australia as well as a number of external institutional, retail and direct clients. Under the sale agreement, AMP Capital’s capabilities in Australian and global-listed equities and global fixed income will be combined with Macquarie’s public investments platform. One of the more notable deals was Northern Star Resources Ltd’s sale of its Kundana Assets to Evolution Mining Ltd for USD 295m. In FY 2021, the Australian-based gold miner’s Kundana Assets produced 120,943oz. The combined resource estimate is 2.4Moz, including reserves of 579,000oz. Northern Star announced that the proceeds from the sale would be invested
JUSTIN BOYCE CAM PARTNER, CORPORATE FINANCE
justin.boycecam@bdo.com.au
the sale of AMP Capital’s Global Equities and Fixed Income (GEFI) business for up to USD 135m to Macquarie Asset Management.
TODD GROVER PARTNER, CORPORATE FINANCE
todd.grover@bdo.com.au
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