MINTER Ellison has advised on the Mirvac Group's $365 million acquisition of Mirvac Real Estate Investment Trust (MREIT).
The deal was effected via a trust scheme of arrangement and required the approval of MREIT unitholders. Prior to the implementation of the scheme, Mirvac Group owned 24.6 per cent of MREIT.
Minter Ellison partners Stuart Johnson in Sydney, and Bart Oude-Vrielink and John Steven in Melbourne advised the Mirvac Group.
Meanwhile, Clayton Utz acted for Mirvac REIT Management Limisted as the responsible entity of MREIT.
The deal is evidence of a consolidation in the A-REIT sector, Minters said. In structuring the scheme, Mirvac Group and its advisers had to consider and address a number of material issues inherent in MREIT's unique structure.
Under the terms of the acquisition, MREIT unitholders had the option to elect to receive one Mirvac stapled security for every 2.6 MREIT units held, or 55 cents for every MREIT unit up to 20,000 MREIT units and one Mirvac stapled security for every 2.6 MREIT unit in excess of 20,000 MREIT units held.
Mirvac is an integrated real estate group listed on the ASX and with activities across the investment and development spectrum. The acquisition of MREIT increased its property portfolio to around A$4.6 billion.