Firms: Minter Ellison (Cromwell Property Group); Clayton Utz(Bank of America Merrill Lynch and RBS Morgans – joint lead managers and underwriters)
Deal: Cromwell Property Group’s $250 million equity raising
Area: Equity capital markets
Value: $250 million
Key players: Partners Stuart Johnson (pictured) and Daniel Scotti, and special counsel Ker Wei Tiam, acted for Minter Ellison. Stuart Byrne, the head of the national equity capital markets practice, together with equity capital markets director Natasha Davidson acted for Clayton Utz
Deal significance: The $250 million raising, which was announced to the market on 23 May, is being conducted by way of a $128 million placement to institutional shareholders and a $122 million non-renounceable pro-rata entitlement offer. The funds raised are to be used in part to fund the acquisition of approximately $405 million in office assets from the NSW Government and to repay existing debt. Minter Ellison’s lead partner Stuart Johnson said: "This was a strategically important raising for Cromwell and was achieved within tight time frames, assisted by the Cromwell and Minter Ellison teams working seamlessly together."
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