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$110 million facilities for VitalHarvest as it hits IPO
MinterEllison has advised VitalHarvest on its $185 million IPO of the Vitalharvest freehold trust on the ASX, while Ashurst has advised NAB about the facilities it has provided to VitalHarvest real estate investment trust.
Grace Ormsby
Firm: Ashurst (NAB), HWL Ebsworth (Tasmanian counsel to NAB), Minter Ellison (Vitalharvest REIT)
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Deal: MinterEllison advised VitalHarvest on its $185 million IPO of the Vitalharvest freehold trust on the ASX. Ashurst advised NAB in relation to facilities provided to Vitalharvest REIT in connection with the listing.
Value: $185 million IPO; $110 million NAB facilities
Area: Agriculture, investment
Key players: MinterEllison’s team was led by partner Bart Oude-Vrielink with special counsel Geraldine Williams, senior associates Steven Wang and Michael Watts, lawyers Elissa Young, Isobel Conroy-Ryan, Anna Stephenson, Philippa Symon and graduates Stefan Vujacic, Chris Grant and Kristy Turner. Additional support was provided by Geoff Earl, John Riley, James Hamblin and Andrew Wright.
The Ashurst team was led by global loans partner Ken Nguyen, who was assisted by Andrew Gay and Geoff Mann.
Deal significance: VitalHarvest is a real estate investment trust with an agricultural focus. Owning one of Australia’s largest aggregations of berry farms and citrus orchards, VitalHarvest’s initial assets have been independently valued at $238.4 million.
Initially a bilateral transaction, a club facility platform and common terms deed has been established, allowing other financiers to join.
Vitalharvest’s properties are leased to wholly owned subsidiaries of the ASX-listed Costa Group, which is a grower, packer and marketer of premium quality fruit and vegetables.
MinterEllison’s leading partner Bart Oude-Vrielink said the IPO is unique in many ways, representing “the first standalone agricultural REIT of major citrus and berries properties across a number of Australian states which is listed on the ASX."
"The Vitalharvest listing involved a large inter-office team with lawyers from our Melbourne, Sydney, Adelaide, Hong Kong, London and New Zealand offices.”
Ashurst partner Ken Nguyen said the “facility demonstrates NAB's support for large agricultural property transactions undertaken by leading sponsors.”
“Ashurst was able to support this via expertise on the ground in Victoria, New South Wales and South Australia."
