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Global law firm Herbert Smith Freehills has advised AMP Capital Diversified Property Fund (ADPF) on its merger with Dexus Wholesale Property Fund (DWPF).
Firm: Herbert Smith Freehills (AMP Capital Diversified Property Fund); undisclosed (Dexus Wholesale Property Fund).
Value: $13.4 billion.
Area: M&A, finance.
Key players: The legal team advising ADPF was led by Herbert Smith Freehills partner Fiona Smedley, with assistance from partners Rebecca Maslen-Stannage and Erin Wakelin, consultant James Graham, senior associate Yorick Ng, and solicitors Nicholas Gerovasilis, Hiroko Ito, and Hartley Spring.
Deal significance: AMP Capital Fund Management Limited is the responsible entity of ADPF.
“As part of the stapling merger, AMP Capital Funds Management Limited will be replaced by Dexus Wholesale Property Limited as responsible entity of ADPF, and ADPF unitholders will have access to a special liquidity facility funded by the sale of certain ADPF assets,” a statement from Herbert Smith Freehills explained.
“At the conclusion of the special liquidity facility, which is expected to be 18 months after the change of responsible entity, ADPF and DWPF will be combined via stapling to form a large diversified wholesale property fund which is expected to have approximately $13.4 billion in core real estate assets.
“The parties have entered into an implementation agreement and the transaction is subject to relevant approvals by both ADPF and DWPF unitholders.”
Commenting further, Herbert Smith Freehills lead partner Ms Smedley said: “We are delighted to have had the opportunity to work with the independent board committee of the responsible entity of ADPF on this complex and unique transaction, and that the responsible entity of ADPF is now in a position to put a proposal to the vote of ADPF unitholders.”
