Bell Gully advised SkyCity Entertainment Group on its binding agreement with Macquarie Principal Finance Group to sell a long-term concession over its Auckland car parks for NZD$220 million.
Across its entertainment precinct in Auckland, SkyCity Entertainment Group owns more than 3,000 carparks in the CBD. SkyCity remains the
owner of the car parks and surrounding buildings.
Care Park has been appointed by Macquarie to operate the car park and is required to perform parking operations in accordance with agreed service standards. The transaction is consistent with group strategy, with SKYCITY set to recycle capital into higher returning investments and other strategic opportunities.
"SKYCITY is delighted to have entered into a transaction with Macquarie Principal Finance Group to sell a long-term concession over its car parks in Auckland," SkyCity GM, Corporate Development & Investor Relations Ben Kay said.
"It's a bespoke, complex transaction with a range of legal, commercial, financial issues having to be carefully navigated pre-signing. Andrew Petersen, Toni Forrest and the wider Bell Gully team have worked tirelessly alongside SkyCity's internal legal team over many months and were instrumental in ensuring a great outcome for SkyCity and its shareholders."
Andrew Petersen, lead Bell Gully adviser, commented that "the Bell Gully team really enjoyed working with SkyCity on what was a complex and novel transaction in the New Zealand legal market".
The transaction settlement is expected by 31 July 2019, following the satisfaction of certain conditions.