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HSF and Minters help bring about $400m placement

HSF and Minters help bring about $400m placement

Mirvac Group has undertaken a fully underwritten $400 million institutional placement in order to fund the purchase of seven commercial properties.

Firms: Herbert Smith Freehills (Macquarie Capital); Minter Ellison (Mirvac Group)

Deal: The undertaking by Mirvac Group of a fully underwritten $400 million institutional placement

Area: Corporate/ Capital markets

Value: $400 million

Key players: The Herbert Smith Freehills team was led by partner Philippa Stone (pictured), assisted by executive counsel Lauren Magraith. Minters’ corporate / capital markets advisory team was made up of partners John Steven, Stuart Johnson, Bart Oude-Vrielink and Daniel Scotti.

Deal significance: Mirvac is undertaking this $400 million placement in order to raise money to purchase seven commercial properties from GE Real Estate Investments Australia–one each in Perth and Melbourne and five in Sydney. Macquarie Capital is the sole bookrunner, lead manager and underwriter for the placement. Mirvac is also undertaking a non-underwritten Security Purchase Plan (SPP) that will allow eligible shareholders to acquire stapled securities at the same price as the institutional investors; the same Minters team that represented Mirvac for the placement will represent it for the SPP.

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