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Equity raising a sign of things to come in wholesale market
A new deal has lawyers postulating the wholesale property market is again open for business.
The New Lawyer
A new deal has lawyers postulating the wholesale property market is again open for business. To continue reading the rest of this article, please log in. Create free account to get unlimited news articles and more! Law firm Freehills has advised on a $500 million wholesale equity raising of the Australian Prime Property Fund Retail. The firm says the deal indicates that the wholesale market is now “fully open for business, for the right assets”, said Freehills lead partner Justin O’Farrell. Australian Prime Property Fund Retail (APPF Retail) is part of the APPF series of Funds and is Australia’s premier unlisted wholesale retail fund with assets valued at $3.4 billion. O’Farrell said of the deal: “The equity raising was over-subscribed at current unit value, and completed in only four weeks. It is a fantastic result and a great testament to the quality of the Lend Lease wholesale funds.” “We can probably expect further activity in both the wholesale and listed spaces over the coming months,’ O’Farrell said. O’Farrell was assisted by senior associate Robert Bileckij. The pair worked together in December last year when they assisted Lend Lease in the launch of Lend Lease Real Estate Partners 3, which was the first wholesale launch in Australia for some time. That fund is now almost fully invested. At that time, O’Farrell predicted further activity in the wholesale market in the current year. The Freehills team worked with Eric Wells, general counsel of Lend Lease Investment Management.
