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Ashurst and Bakers help close property deal

Ashurst and Bakers help close property deal

Employees Provident Fund (Malaysia) and Goodman Industrial Funds have invested in a $400 million dollar property portfolio in Victoria and NSW.

Firms: Ashurst (Employees Provident Fund Malaysia), Baker & McKenzie (Goodman Industrial Funds Management Limited), Freehills (vendors)

Deal: Employees Provident Fund (Malaysia) (EPF) and Goodman Industrial Funds’ combined investment in a property portfolio

Area: Corporate/Property

Value: $400 million

Key players: The Bakers team was led by partners David Jones and Rodney Stone who were assisted by Rahul Parrab, Justin Gross and Belinda Barnes. Corporate partner Michael Ryland led for Ashurst, working alongside tax partner Vivian Chang and property partner Cameron Thompson

Deal significance: EPF has completed an initial investment in a newly-formed industrial property fund.  EPF has a 60 per cent interest in the fund, with GFML holding the remaining 40 per cent. Goodman Property Services (Aust) Pty Limited has been appointed as investment and property manager to the fund. At this stage, the fund comprises six industrial assets located in New South Wales and Victoria. Lead Ashurst partner Michael Ryland said: “This is a landmark property fund transaction for the region.”

Jones said it was always an exciting challenge to advise in the building stages of strategic relationships such as that which Goodman and EPF have announced, particularly where the parties have "such prominence in their own right, and are each looking to bring their unique talents, resources, cultures and experiences to a common cause".

"The continued interest in Australia by Asian investors, with EPF's investment another step in the growing wave of capital moving here from Malaysia," said Jones.

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