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Multi firm effort on Charter Hall acquisition

Multi firm effort on Charter Hall acquisition

Allens, Mallesons, Freehills and Blake Dawson have all acted on a property funds management company's A$108 million acquisition of the majority of Macquarie Group Limited's core real estate management platform.


Allens Arthur Robinson, Mallesons Stephen Jaques, Freehills and Blake Dawson have all acted on a property funds management company's A$108 million acquisition of the majority of Macquarie Group Limited's core real estate management platform. 


Charter Hall Ltd will have more than $10 billon in assets under management after the purchase of the majority of Macquarie's real estate management platform, the company said last week.


The company said it would buy 7.5 per cent of Macquarie Office Trust and Macquarie CountryWide Trust, as well as 3.5 per cent of Macquarie Direct Property Fund, for $189 million. 


Allens is advising Charter Hall on the $108 million acquisition. 


The transaction is being financed by a A$220 million fully underwritten placement and entitlement offer and an additional placement of A$85 million to Macquarie, will see Charter Hall become one of the largest specialist real estate fund managers and property owners in Australia.


Lead Allens partner Stuart McCulloch, with partners Anna Lenahan and Tom Story, brought a team together from the firm's corporate, funds management, banking and finance, and employment practice groups.


Advising on both the acquisition and the equity raising – and the legal due diligence for Charter Hall in Australia – the transaction marks a close working relationship between Charter Hall and Allens that began in 2005 for Charter Hall's initial public offering.


"Allens has worked with Charter Hall on all major corporate and fund transactions since then and has developed a solid understanding of its businesses and operations," said McCulloch.


"We were very pleased to be able to continue to support Charter Hall on this complex, strategic deal and help put Charter Hall on its growth path to becoming a leader in its field," he said.


Nicholas Moore, Macquarie managing director and chief executive officer said: "Consistent with our strategy regarding the listed specialist funds business, Macquarie has undertaken a process to explore alternatives in relation to the future of Macquarie’s Australian real estate platform and maximise value for investors. 


"As a result of this process, Macquarie has identified Charter Hall as a partner with a specialised real estate capability which Macquarie believes will be attractive for Fund stakeholders," he said.

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