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Lawyers confirm scoops on Westfield $3.5bn raising

Lawyers confirm scoops on Westfield $3.5bn raising

As Westfield Group this week revealed plans to spin off interests in 54 Australian and New Zealand shopping centres, on top of a $3.5 billion capital raising, law firms confirm who is acting on the deal.

AS Westfield Group this week revealed plans to spin off interests in 54 Australian and New Zealand shopping centres, on top of a $3.5 billion capital raising, law firm Freehills has confirmed it is working on the deal.

The Australian newspaper this week confirmed that the shopping centre giant would spin off the centre interests into a new company.

The split will be achieved through a pro-rata distribution of units in the new trust to Westfield security holders, which will see a capital distribution of $7.3bn.

The capital raising has been structured in part as a public offer, which aims to raise gross proceeds of up to $2bn. As well as a Westfield security holder offer will be available to eligible security holders, which seeks to raise gross proceeds of up to about $1.5bn.

Law firm Mallesons, meanwhile, has acted forWestfield. Partner Jason Watts is leading the Mallesons team.

Freehills is acting for Citigroup Global Markets Australia, as well as Citi Credit Suisse Australia and Morgan Stanley on the deal.

Citi Credit Suisse and Morgan Stanley were appointed financial advisers, joiny underwriters, joint bookrunners and joint lead maangers to underwrite the capital raising up to $1.75bn.

Led by Freehills partner Tony Sparks, Freehills had senior associate Daniel Scotti and lawyer Amy Hay on the deal.

Sparks said: “We are delighted to have worked with Citi, Credit Suisse and Morgan Stanley on such a significant transaction, involving a demerger and (effectively) an IPO.”

The deal is the fifth major Australian demerger of 2010, which Sparks said continues a growing trend of attempts to provide investors with more specific investment propositions.

“The novel securityholder offer structure provides existing Westfield securityholders with the opportunity to decide whether to retain more direct ownership in the assets to be held by Westfield Retail Trust.”


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