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Property company makes $208m offer

Property company makes $208m offer

Minter Ellison and Clayton Utz have advised on an entitlement offer of stapled securities to FKP Property Group’s existing shareholders.

Firms:  Minter Ellison (FKP Property Group, the issuer), Clayton Utz (Goldman Sachs Australia Pty Ltd, lead manager and underwriter of the entitlement offer), Skadden, Arps, Slate, Meagher & Flom (US counsel to FKP), Sidley Austin (US counsel to Goldman Sachs Australia Pty Ltd)

Deal: Accelerated non-renounceable pro-rata entitlement offer of stapled securities to FKP’s existing shareholders

Area: Property; Equity Capital Markets

Value: $208 million

Key players: Minters’ team included partners Gary Goldman, Daniel Scotti and Ian Lockhart, along with special counsel Darren Sumich and senior associate Stephen Knight

Deal significance: FKP is one of Australia's leading diversified property and investment companies, operating an integrated business model that includes retirement, property investment and funds management, land development, property development (incorporating residential, retail, industrial and commercial) and construction across Australia and New Zealand. FKP is an ASX top-200 company.

The net proceeds of the entitlement offer will be used by FKP to repay debt and provide liquidity and headroom under its debt facilities.

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