Hall & Wilcox advised on the establishment of the APN European Retail Property Trust, the first ASX-listed property trust invested exclusively in European real estate. The firm acted for APN Funds Management and APN’s joint venture partner (UK Australasia Group, a UK property management group) in the trust’s establishment and capital raising.

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The new trust raised more than $182 million to fund the acquisition of a $370 million portfolio of shopping centres in Spain and Italy. JP Morgan and Merrill Lynch were joint underwriters on the offer. The trust adds to APN’s eight property funds, which collectively hold assets of $1.9 billion. Hall & Wilcox corporate and financial services partner Tony Macvean said the trust was unique to APN and the ASX. “This transaction involved project managing six major acquisitions — with three vendors, multiple adviser firms, like Allen & Overy and Clifford Chance, and complicated commercial negotiations,” he said.