A Melbourne law firm has advised on a Singapore real-estate funds management company’s 15 per cent stake in a struggling Melbourne property group.
Hall & Wilcox is advising on the deal, which sees APN fund new business opportunities. APN has had three of its funds frozen since October 2008, and has issued 20,964,343 new shares at 22c per share to an entity of ARA in a $4.6m raising.
The transaction involved a placement of 15 per cent of the issued capital in APN to ARA and the acquisition by APN of ARA Strategic Capital I Pte Limited (the manager of the ARA Asian Asset Income Fund).
It is anticipated that Singapore based ARA will also provide seed capital to support future APN funds management activities, Hall & Wilcox said.
Macvean travelled to Singapore with the APN team as part of the initial discussions and due diligence.
Macvean said: "We greatly value our long-standing relationship with APN and were pleased to be able to assist with this important strategic transaction."