Addisons is delighted to have advised the National Roads & Motorists’ Association Limited (NRMA) on the acquisition of Royal Automobile Club of Tasmania’s (RACT) tourism portfolio of hotels and marine tourism services, including Freycinet Lodge, Cradle Mountain Hotel and Gordon River Cruises.
The transaction, which completed on 30 April 2021, included conducting due diligence on the assets, advising and negotiation on the transaction documents, and attending to completion and other related work.
Partner Li-Jean Chew led the corporate side of the transaction together with Special Counsel Renee Shipp. Commenting on the transaction, Partner Li-Jean Chew said “we are delighted to support NRMA in its investment and commitment to expanding its tourism portfolio. The acquisition of the RACT assets provides our client with the opportunity to reinforce its position within the domestic tourism sector”.
Partner David Blackburn and Senior Associate Portia Malinowski handled the property side of the deal. Commenting on the transaction Senior Associate Portia Malinowski said “working with NRMA on this transaction was really enjoyable on a couple of fronts. The property work was fast-paced and interesting, dealing with freehold, leasehold and crown leasehold land, and various statutory licences. It was also great to be a part of NRMA’s journey to grow NRMA Expeditions, and certainly a bonus to see a lot of familiar faces during the process, having worked at NRMA for a number of years prior to joining Addisons.”
The latest transaction, which began in December 2020, is one of a number of matters that Addisons has advised NRMA on.
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