Firms: Minter Ellison (banks), Allens (consortium), Gilbert & Tobin (Charter Hall Office REIT)
Deal: ASX-listed Charter Hall Office REIT has been acquired by a consortium comprising Reco Ambrosia Pte Ltd (an affiliate of Government of Singapore Investment Corporation Pte Ltd), Public Sector Pension Investment Board (a Canadian pension fund) and Charter Hall Property Trust.
Area: Real estate
Value: $1.9 billion
Key players: The Minters team was led by finance partner Daniel Marks (pictured), together with real estate partner Don MacCallum. Special counsel Liz von Muenster and senior associates Nicole Boustani, Leigh De Jong, Shelley Taylor and Andrew Yik also worked on the deal.
Deal significance: The acquisition was by court-approved scheme of arrangement. The $US1.71 billion sale of Charter Hall Office REIT's US property portfolio was a precondition of the transaction. Charter Hall Office REIT has now been delisted. Charter Hall Office REIT owns interests in 18 commercial office buildings across Australia and has a portfolio valuation of approximately $1.9 billion. A syndicate of banks provided the $1 billion financing in relation to the acquisition. "The privatisation of Charter Hall Office REIT highlights the continued investment interest of offshore sovereign wealth funds and pension funds in well-managed, quality Australian property portfolios," said Marks.