King & Wood Mallesons (KWM) has advised on the establishment of a commercial operating partnership for the development and expansion of the Sunshine Coast Airport - in a deal valued at $605 million.
KWM acted on behalf of the Sunshine Coast Regional Council, which will continue to own the Sunshine Coast Airport and deliver the new runway project - with Palisade operating the asset under a 99-year lease.
A cross practice KWM team advised on the transaction, including partners Robert Jackson and Mark Upfold (Projects), David Bell and Scott Budd (Real Estate), Shannon Etwell (Construction), Aaron Bourke (Banking & Finance), Stefan Luke (M&A), Wayne Leach (Airport Regulatory), Katrina Parkyn (Tax Structuring), Scott Singleton (Native Title), Jamie Wells (Employment) and Mathew Austin (Planning and Environment).
Under the deal, Palisade will have responsibility for operating, investing and developing the airport, including overseeing future airline negotiations to expand available domestic and international routes. The council will maintain responsibility for facilitating the proposed airport expansion project, which includes construction of a new runway, apron expansion and related infrastructure.
Commenting on the deal, Partner Robert Jackson said; “We are delighted to have supported Sunshine Coast Regional Council on this significant and unique partnership agreement, which was successfully executed following a competitive bidding process that generated national and global interest.”
“KWM was able to provide an excellent cross practice team that advised on all aspects of the deal, covering projects, M&A, competition, construction, finance, real estate, taxation, environment and native title.”