King & Wood Mallesons advises Far East Orchard on investment with Toga Group
King & Wood Mallesons has acted for Singapore-listed Far East Orchard (FEOrchard) on its $225m investment with Australian hotel and property company Toga Group.
FEOrchard is focused on property development, hospitality management and providing healthcare space. Toga Group is an accommodation provider in Australia and currently operates more than 50 serviced apartments and hotels across Australia, New Zealand, Germany and Denmark. The hotels and serviced apartments are operated by Toga under the Medina Serviced Apartments, Adina Apartment Hotels, Vibe Hotels and Travelodge Hotels brands.
Under the deal, FEOrchard and Toga Group have agreed to enter into a 50–50 joint venture arrangement. Upon completion of the deal, the joint venture will own Toga Group’s hospitality management business and, if an option is exercised, five hospitality assets (Adina Apartment Hotel Sydney Harbourside, Adina Apartment Hotel Adelaide Treasury, Adina Apartment Hotel Brisbane, Vibe Hotel Sydney and Travelodge Mirambeena Resort Darwin).
The King & Wood Mallesons team was led by partners David Friedlander (corporate) and Stuart Dixon-Smith (property). They were supported by special counsel Simonne Einfeld (property), senior associates Amanda Isouard (corporate) and Jason Browne (property) and solicitor Samantha Holt (corporate). Senior associates Anna Golovsky and Patrick Atkinson and solicitor Nick Valentine also provided intellectual property advice.
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