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Ashurst has landed a plum role on a $2.99 billion fund takeover.
Firms: Ashurst (Independent directors of Commonwealth Managed Investments Limited as the responsible entity of the Commonwealth Property Office Fund (CPA)); Greenwood & Freehills advised CPA on tax matters and Allens advised the acquirer, the GPT Group
Key players: Garry Besson led the Ashurst team, which included his corporate colleague, Kylie Lane, funds partner Michael Ryland and stamp duty partner Barbara Phair. Allens lead partner was Stuart McCulloch
Deal significance: The deal would significantly beef-up GPT’s portfolio of office assets under management.
“This transaction, via the integration of the CPA platform, positions GPT as the leading owner and manager of office assets in Australia, with $10 billion of office assets under management,” said Michael Cameron, the CEO and managing director of GPT. “It enhances GPT’s portfolio diversification and broadens our exposure to quality A-grade assets and geographic sub-markets.”
CPA has cancelled an exclusive due diligence arrangement it had previously entered into with Dexus and a Canadian Pension Fund.
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