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Irongate Group enters into scheme implementation agreement
Listed property group Irongate Group has been advised on its entry into a scheme implementation agreement with a partnership managed by Charter Hall.
Jerome Doraisamy
Firm: King & Wood Mallesons (Irongate Group (ASX: IAP))
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Deal: The SIA will see the Charter Hall (ASX: CHC) partnership (which comprises Dutch pension fund PGGM and Charter Hall) acquire 100 per cent of the units in Irongate Property Fund I, and Charter Hall Holdings Pty Limited acquire 100 per cent of the units in Irongate Property Fund II by way of trust schemes of arrangement.
Furthermore, if approved and implemented, KWM noted in a statement, IAP securityholders will receive cash consideration of $1.90 per IAP stapled security under the schemes and will retain entitlement to the distribution for the period ending 31 March 2022 up to 4.67¢ per IAP stapled security.
Area: M&A
Value: N/A
Key players: The KWM team was led by partners Daniel Natale and David Friedlander, supported by senior associate Jennifer Cheung and solicitors Megan Fung and Wendy Yuan.
Deal significance: Speaking about the transaction, Mr Natale said: “We were thrilled to work alongside Irongate Group on these schemes which also reflects the first significant REIT public M&A deal for the year.
“We look forward to working with the board and management team to deliver this result for unitholders.”
