MinterEllison has advised Blackstone Tactical Opportunities Fund (Blackstone) on the acquisition of an 80% interest in non-bank lender La Trobe Financial (La Trobe).
Globally, Blackstone is a $US400 billion asset management giant, and the largest real estate private equity firm in the world. The investment is reflective of the New York-based Blackstone's interest in Australian growth opportunities.
Melbourne-based La Trobe is a privately owned, leading Australian credit and investment firm specialising in funding and management of both residential and commercial mortgage assets. La Trobe also manages one of Australia's largest retail investment credit funds.
The MinterEllison team was led by Victoria Allen (Partner) and Simon Cooper (Senior Associate), and supported by a multi-disciplinary team operating across multiple offices and jurisdictions.
“We predicted activity in the non-bank lending space would grow in Australia well over a year ago, having acted on a number of acquisitions," said Ms Allen. "The trend looks set to continue off the back of stricter lending criteria from the big four banks.”
Blackstone complimented MinterEllison on their tireless effort and professionalism throughout all stages of this complex transaction.
"The best possible endorsement for our team is to be able to deliver a transaction that meets our client's objectives in the timeframe they want," said Ms Allen.
"Given Blackstone's experience on the global stage, we look forward to continuing to support them to achieve their strategic objectives here in Australia."
"We worked collaboratively with the Blackstone team, navigating the regulatory frameworks and relevant consents to deliver a great result."
This transaction comes at a pivotal moment in Blackstone's growth and development in the region.