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Centuria to acquire high-quality office assets after capital raising

Baker McKenzie has acted as underwriter counsel to UBS and Moelis Australia on capital raising by Centuria Metropolitan REIT and as underwriter counsel to Moelis Australia on Centuria Capital Group capital raising.

user iconGrace Ormsby 24 October 2018 Big Law
Deal
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Firm: Baker McKenzie (UBS and Moelis Australia)

Deal: Baker McKenzie has acted as underwriter counsel to UBS and Moelis Australia on capital raising by Centuria Metropolitan REIT (CMA) and as underwriter counsel to Moelis Australia on Centuria Capital Group (CNI) capital raising.

Value: CMA raised $276 million, CNI raised $100 million

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Area: Corporate, M&A

Key players: Lead partners Lauren Magraith and Antony Rumboll were assisted by lawyers Daniel McGuiness and Francisco Widjojo.

Deal significance: The CMA capital raising is being undertaken through an institutional placement (A$79 million) as well as an accelerated non-renounceable entitlement offer (ANREO) (A$197 million).

Proceeds of CMA’s raising will be used to acquire a portfolio of four high-quality office assets in strategic inner metropolitan locations, from Hines Global REIT.

CNI currently holds 23.4 percent of CMA. CNI raising proceeds will enable it to make a $29 million contribution to CMA for the acquisition, and will fund CNI’s participation in the CMA raising.

The CNI raising is also being undertaken by way of an institutional placement ($79.7 million) and an accelerated non-renounceable entitlement offer worth $20.3 million.

Launched in December 2014, CMA has become Australia’s largest ASX-listed metropolitan officer REIT with $1 billion in assets under management.

CNI is also ASX-listed as a property funds manager and holds $4.9 billion in managed assets, with its property platform including a range of listed and unlisted property funds.

A joint statement from Baker McKenzie’s lead partners on the transactions, Lauren Magraith and Antony Rumboll, said “these equity raisings will enable Centuria to acquire high-quality office assets and to improve the quality and scale of its property portfolio.”

“We were pleased to have assisted our long-standing clients UBS and Moelis Australia in bringing these transactions to market.”

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