Deal: Dexus has acquired APN Property Group by way of scheme of arrangement.

Value: $320 million.

Area: M&A.

Key players: The transaction was led by co-head of M&A/corporate advisory Neil Pathak and M&A/corporate advisory partner Susannah Macknay, together with partner Craig Semple, lawyers Bridget Sutton, Amanda Atkins and Sarah McArthur and graduate Karen Fanning.

Disputes and investigations lawyers Alexandra Whitby and Oli Scheiber assisted in court matters for the schemes, and tax partner Julian Cheng advised on tax aspects of the deal.

Deal significance: APN is a “specialist real estate investment funds management business, managing two ASX-listed REITs (APN Industria REIT and APN Convenience Retail REIT), approximately $3 billion of funds under management and over $130 million of co-investments in its managed vehicles”, a statement from Gilbert + Tobin explained.

Meanwhile, Dexus “is one of Australia’s leading real estate groups with a portfolio value of $42.5 billion”.

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Dexus’ acquisition of APN will see APN’s portfolio operate under the management of Dexus, allowing Dexus to expand and diversify its portfolio.

“We are delighted to have worked with APN on this significant and complex transaction involving two of Australia’s largest listed property players,” M&A partner Ms Macknay said.

“Public company acquisitions of stapled securities structures, in this case involving interconnected company and trust schemes are not common and are intricate. We are pleased to assist APN to close the transaction in a relatively short period of time.”

Co-head of M&A/corporate advisory Mr Pathak added: “We feel privileged to have advised APN over many years on a number interesting transactions including this one.

“We congratulate APN, its directors and management team on achieving an outstanding outcome for its shareholders. We look forward to seeing Dexus continue to grow its portfolio in the Australian market with the new funds they have acquired.”