ALLENS Arthur Robinson has acted on the largest acquisition in four years in Australia's listed property sector, the takeover of the ING Industrial Fund.
The deal, in which Mallesons, Henry Davis York, Clayton Utz, Norton Gledhill, Minter Ellison and Torys LLP also played legal roles, saw industrial property group the Goodman Group acquire the fund for A$1.4 billion.
The acquisition will contribute 61 quality industrial properties, predominantly located in Australia's key east coast markets, to Goodman Group's portfolio and will increase Goodman's assets under management to A$17.5 billion. The acquisition was completed 29 March 2011.
Goodman Group is the largest industrial property group listed on the Australian Securities Exchange and one of the largest listed specialist fund managers of industrial property and business space globally. The consortium of investors comprised Goodman Group and three global pension/sovereign wealth funds.
Partner Stuart McCulloch led Allens team in the transaction. He brought together a team using experts from across the firm's mergers and acquisitions and capital markets, banking and financial services, commercial litigation and dispute resolution, and real estate practice groups.
The Allens team was involved in all aspects of the transaction, including negotiation of the consortium
arrangements, trust scheme and the A$1.1 billion finance facility to refinance IIF's existing debt.
"We are delighted to be supporting Goodman and the consortium, on this complex, strategic deal," McCulloch said.
The Goodman Group last month raised A$490 million ($US500m) in 10-year bonds in the second US raising since November, when it issued bonds for $US325m.
According to reports today, the Goodman Group is the latest company to consider a dual-listing in Hong Kong.
The Australian newspaper reports that with the help of Goodman's long-term adviser Macquarie Capital, the group is believed to have begun in recent weeks what has been described by fund managers as "conceptual" discussions with investors about a potential dual-listing in Hong Kong later this year or early next year. Another capital raising of as much as $500m is expected to accompany the listing.