Mallesons, Allens and Corrs Chambers Westgarth have advised on a Blackstone-led consortium’s AUD36 billion (USD25 billion) acquisition of HSBC’s Australian home loan portfolio.
Blackstone said funds managed by Blackstone Credit & Insurance, Blackstone Tactical Opportunities, and Blackstone Real Estate Debt Strategies signed a definitive agreement to finance the acquisition.
Pepper Money would serve as the servicing partner for the portfolio, Mallesons said.
“This transaction represents one of the largest financings of its kind in the Asia-Pacific region and the largest home loan portfolio sale globally,” Vanderneut told Asia Business Law Journal.
The firm advised the Blackstone-led consortium, with partners Henrik Moritz, Mark Vanderneut and Ian Edmonds-Wilson leading the team. Additional support was provided by partners Kate Jackson-Maynes, Mandy Tsang, Lizzie Knight, Wayne Leach, Jennifer Barron and Bryony Evans, as well as senior associates Jessica Thiyavutikan, Natasha Costa, Amy Wang, Tom Haggerty, Shirley Zhang, Laura FitzGerald, Rouzbeh Ansari and Tash Venaik.
Allens advised HSBC on the acquisition, while Corrs Chambers Westgarth represented the arrangers, joint lead managers and dealers on the simultaneous securitisation funding of Blackstone’s purchase of the home loan portfolio.
Partner Matthew Kaminsky led the Corrs Chambers Westgarth team with senior associates Andrew Chong and Jenny Guo. They were supported by partners Cameron Blackwood, the firm’s head of tax, and Simon Mifsud, along with a range of experts across the banking and finance, tax, financial services and funds, regulatory and litigation practices.
Blackstone said the deal underscored its long-term commitment to Australia and its intention to deploy substantial capital to support the housing market.
Completion of the transaction remains subject to regulatory approvals.
