Ashurst has advised Fitness First Australia Limited (Fitness First) in the A$32.5 million sale of its Western Australia-based gyms.

Fitness First sold its portfolio of eight gyms to ASX-listed company Ardent Leisure, one of the largest multi-faceted leisure retailers in Australia. Ardent Leisure has funded the acquisition via a $50 million underwritten placement, and the deal is due to complete in early September 2014.

The Ashurst team was led by partner Bruce MacDonald, who was assisted by senior associate Anton Harris and lawyer Kathleen Liu (Corporate); partner Brenton Key and lawyer Wendy Ho (Banking); partner Jennie Mansfield (Employment); partner Andrea Rezoz (Property); with partner Paul O'Donnell and senior associate Elke Scevak (Tax).