Addisons was delighted to act as legal adviser to Australia’s largest vertically integrated construction materials company, Boral on the full suite of joint venture agreements with Dexus. The arrangements will see Boral’s 630-hectare landholding at Ravenhall progressively subdivided and developed over the next 20 – 30 years into a major logistics and warehousing precinct with lettable area estimated at up to 2.5 million m2, subject to rezoning and business plan approvals.
The deal enables Boral to unlock the long-term value embedded in its surplus landholdings in a disciplined, capital efficient way by initially contributing land rather than cash. The land roll out will also be sequenced around Boral’s existing quarrying operations and commitments, to ensure Boral’s hard rock supply to the Melbourne market is not interrupted.
The Addisons team advising Boral was led by Property Partner Nicholas Cowie, supported by Special Counsel Jonathan Du and Senior Associate Samuel Siskovic.
Partner Nicholas Cowie said, “Congratulations to Boral on reaching such a strategic milestone at Ravenhall. Advising on a landmark industrial development of this scale required a combination of real estate, development, corporate and funds capability, delivered in often compressed timeframes. We are delighted to have assisted Boral in bringing this joint venture with Dexus to fruition and look forward to seeing the project approved and delivered in the years ahead.”
Boral’s Head of Strategic Projects, Peter Lim said “Big thank you to Nick, Jonathan, Sam and the Addisons team for the many late nights and commitment to getting the deal done. You were tireless and incredible!”