Deal: Arena REIT has undertaken $55 million in capital raising, fully underwritten by Morgan Stanley.

Value: $50 million institutional placement and a $5 million securities purchase plan.

Area: Corporate

Key players: The Hall & Wilcox team was led by partner John Hutchinson with support from senior associate Josh Fast and lawyer James Fisher.

Baker McKenzie’s team was led by partner Craig Andrade and general associate Matthew De Cataldo in Australia, while partner Andrew Reilly and special counsel Paul Anderson advised on US matters.

Deal significance: Arena REIT is an ASX300-listed property group that owns, manages and develops social infrastructure properties across Australia, Hall & Wilcox noted.

Morgan Stanley Australia Securities Limited was the lead manager and underwriter for the entire $55 million capital raising, Baker McKenzie said, flagging that the transaction comprises an underwritten institutional placement on a Rule 144A basis and the non-underwritten security purchase plan.

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It was also noted that proceeds from the capital raising will be used to fund Arena REIT’s various acquisitions and maintain balance sheet capacity to accommodate pipeline growth and speed of execution on opportunities.

Commenting on the deal, Hall & Wilcox’s John Hutchinson said the firm was “delighted to assist Arena REIT on another successful equity raising”.

He explained that “Arena REIT has been a long-standing client of Hall & Wilcox since its IPO and ASX debut in 2013 and it is fantastic to be able to assist in its continued growth.”

Lawyers Weekly recently reported on Arena REIT’s buying into South Australian disability housing. 

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