First Nations communities were consulted in putting the sale transaction together
Gilbert + Tobin (G+T) has helped Commonwealth entity Indigenous Land and Sea Corporation (ILSC) divest Voyages Indigenous Tourism Australia Pty Ltd’s operational assets.
Voyages Indigenous Tourism Australia runs central Australia-based Ayers Rock Resort and Mossman Gorge Cultural Centre in far north Queensland. Ownership of these passed to Australian tourism group Journey Beyond after a share sale, the formal process for which began last year.
First Nations communities were consulted prior to the deal to optimise Indigenous benefit. According to G+T, the sale “is a significant milestone in series of steps toward returning the land at Yulara, Northern Territory, on which Ayers Rock Resort and Mossman Gorge Cultural Centre stand to respective traditional owners, delivering significant long-term economic benefit”.
G+T described Ayers Rock Resort and Mossman Gorge Cultural Centre as “nationally significant tourism assets”. It said the underlying land and buildings would be transferred to community corporations “representing the traditional owners, the Anangu Pitjantjatjara Yankunytjatjara of Yulara and the Kuku Yalanji of Mossman Gorge”.
“The divestment at Yulara will mark one of the most significant land returns in the ILSC’s history”, the firm said.
A customised transaction structure was developed to enable the ILSC to fulfil statutory obligations by separating operational assets from land, facilitating future divestment of the land to community. G+T’s team helped create novel long-term leasing and governance frameworks, design and execute a competitive sale process, and craft practical solutions to manage legacy environmental risk.
“The proposed transaction structure reflects the ILSC’s commitment to transparency, accountability and the long-term interests of traditional owners and Indigenous communities”, co-lead partner Adam D’Andreti said.
Co-lead partner Ilona Hunnisett described the sale as “a transformative milestone for the Anangu Pitjantjatjara Yankunytjatjara of Yulara, the Kuku Yalanji of Mossman Gorge and the ILSC”.
“It will deliver multi generational benefits to traditional owners through the return of country, while equipping the ILSC with a proven divestment model to support further returns to traditional owners and Indigenous communities Australia wide”, Hunnisett said.
D’Andreti and Hunnisett were supported by Amanda Hempel, Tim Dobson, Maria Eger, Catherine Wei, Ailsa Neale, Alex Berry, Antonia Garling, Andrew Ng, Zachery Gomes, Matthew Charman, Hanh Chau, Jason Yu, Ben Fuller, Sophia Cheng, Spiro Papadolias and Wenzo Mnguni.
The ILSC was launched under the Aboriginal and Torres Strait Islander Act 2005. It aims to enable Aboriginal and Torres Strait Islander people to enjoy the rightful entitlements, opportunities and benefits brought by the return of country and its management.
Ayers Rock Resort is near the Uluru–Kata Tjuṯa National Park while Mossman Gorge Cultural Centre is a Daintree Rainforest gateway.
