Mullins helps Independent Pub Group secure $92 million deal

9 December 2008

In the face of economic downturn, Mullins Lawyers has helped Independent Pub Group (IPG) buck the trend in the hotel sector by recently finalising the purchase of 12 hotels across three states.

The $92 million purchase from Singapore Stock Exchange-listed Lasseters International Holdings Limited, is significant for the domestic hotel sector.  The 12 hotels, located throughout Queensland, New South Wales and South Australia were acquired by freehold and share purchase.

“The deal is an integral part of IPG’s growth strategy,” IPG’s Greg Maitland said.

“Mullins assisted us with their liquor and gaming expertise which helped make sure this large transaction went as smoothly as possible.”

The deal is also the largest single transaction in dollar terms for Brisbane independent law firm, Mullins Lawyers, whose business services and hospitality teams acted for IPG in the purchase.

“IPG is one of the few active players in the market at present.  In the context of the current economic climate, where there are very limited numbers of sales and many hotel contracts are being terminated before settlement, this deal is very positive for the industry and should generate some renewed confidence,” Curt Schatz, the head of Mullins’ Hospitality group said.

“To my knowledge, it’s the largest transaction of hotels sold in one line in the hotel sector in the last year or so.”

Mullins Lawyers is an independent Queensland commercial law firm with 100+ staff including 16 partners.  The firm provides a select range of legal services to a range of industries, in a number of which it is the market leader.  Since its inception in 1980, Mullins has grown to be one of the largest non-national law firms in Brisbane.