Herbert Smith Freehills Kramer (HSF Kramer) has provided tax advice to superannuation fund Aware Super in relation to its participation in the A$1.5 billion acquisition of Melbourne’s Moorabbin Airport as part of a consortium including global alternative asset manager Barings and Rest Super.
Melbourne’s Moorabbin Airport is one of the busiest general aviation airports in the country, supporting flight training, charter and maintenance operations.
In addition to its aviation operations, it has a broad range of income streams including industrial and logistics facilities, large-format retail through the Kingston Central Plaza and direct factory outlet precinct, office accommodation, and ground lease interests.
Barings Real Estate Australia will oversee the Moorabbin Airport property moving forward, including facilitating future development activities.
Anjana Moran, Aware Super Senior Portfolio Manager for Property said, “Aware Super is proud to invest in Moorabbin Airport on behalf of its 1.3 million members, and we look forward to working with Barings as an experienced and trusted investment manager and other consortium partners to unlock further value through new growth initiatives and development activities.”
The HSF Kramer team was led by Tax partner Ryan Leslie, with support from Nick Heggart and Naison Seery.
Ryan said, “It was a pleasure to work with the team at Aware Super on this transaction, and we look forward to seeing the continued growth of Moorabbin Airport under its new ownership.”
This is the latest example of HSF Kramer’s market-leading work in taxation. Other recent examples include advising:
- UniSuper on the tax aspects of its acquisition of Qube
- Astralas on its merger with Quadrant’s Bastion Security Group
- Axight on the acquisition of Estia Health as part of a Stonepeak-led consortium
- Energy Fuels, Inc. on its proposed acquisition of Australian Strategic Materials Limited
- Apiam Animal Health on its acquisition by Adamantem Capital
- The ad hoc noteholder group on the financial restructuring of InfraBuild’s 14.5000% Senior Secured Notes
- EnergyAustralia on its development of a 350 MW/1400 MWh battery energy storage system in Latrobe Valley
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