King & Wood Mallesons (KWM) has advised on the financing of Australia’s largest recent forestry acquisition for AXA Investment Managers.
Firm: King & Wood Mallesons (AXA Investment Managers).
Deal: KWM has advised on the financing of AXA Investment Managers’ successful acquisition of the “Green Triangle Forest Products” forestry portfolio.
Key players: The syndicate, comprised of the Commonwealth Bank of Australia and National Australia Bank, was advised by a KWM team led by Jonathan Oldham, with senior associates Stuart Alexander and Marcus Wettenhall and solicitors Ivor Wong and Andrea Pandazopoulos.
A separate KWM M&A team led by partner Heath Lewis advised AXA in relation to the acquisition aspects of the transaction. In addition, King & Wood Mallesons Japan assisted with Japanese foreign law aspects in an example of the firm’s strength to facilitate transactions across multiple jurisdictions in Asia.
Deal significance: The plantations, a joint venture of Weyerhaeuser Australia and Global Forest Partners LP, comprise over 22,000 hectares of sustainably managed pine plantations along the Victorian and South Australian borders in an area known as the “Green Triangle”. Specific details of the transaction are not being publicly disclosed; however, the transaction is understood to be the biggest timber industry sale in Australia since 2012.
Mr Oldham commented: “We are grateful for the opportunity to work with AXA Investment Managers and the syndicate of financiers on their successful acquisition of the Green Triangle Forestry Products portfolio.
“The acquisition financing involved multiple sets of foreign counsel including our colleagues at KWM Japan and significant co-ordination across those jurisdictions together with South Australia and Victoria, as well as the involvement of other stakeholders including those involved in the proposed Kentbruck Green Power Hub. We look forward to seeing AXA IM continue to grow and develop this portfolio.”