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Top firms share property deal

Top firms share property deal

Allens, Freehills, Clayton Utz claim positions on a major property deal.

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AS The New Lawyer reported last week, Australian property firm Goodman Group plans to raise A$1.8 billion to strengthen its balance sheet, on top of a new strategic relationship with China Investment Corporation (CIC).

Allens Arthur Robinson, it can now be revealed, acted for Goodman Group on the deal.
This was part of a wider transaction that included the extension of A$4.1 billion of existing finance facilities across Goodman and its managed funds, which delivers a comprehensive plan of capitalmanagement initiatives, the firm said.

Goodman also announced a new strategic relationship with Canada Pension Plan Investment Board (CPPIB) focusing on the development of logistics assets in mainland China.

The transaction, comprising a A$1.3 billion institutional placement and entitlement offer, also includes a A$500 million convertible preferential security investment by CIC.

Allens partner Stuart McCulloch, with a Sydney-based team including partner Tom Story, advised Goodman on the transaction. Hong Kong-based partner Tim Manefield handled the CPPIB joint venture.

McCulloch said: ‘This was a highly complex deal, involving the negotiation and structuring of a hybrid with CIC at the same time as we were undertaking a large accelerated entitlement offer.” Clayton Utz advised the underwriters.


Top firms share property deal
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