Firms: Herbert Smith Freehills (Propertylink); Gilbert + Tobin (joint lead managers)
Deal: Propertylink successfully raised $503.5 million through its initial public offering.
Value: $503.5 million
Area: Capital raising
Key players: The Herbert Smith Freehills team was led by corporate partner Philip Podzebenko (pictured) with support from partners Philip Hart and Justin O’Farrell, senior associates Cecilia Mehl, Jayne Walker, Brock Colville, Malika Chandrasegaran, Henrietta Rowe and Anna Coroneo, solicitors Thomas Mawson, Victoria Mataczynski and Kate Podzorova and graduate Tim Coorey.
The financing team included partners Melita Cottrell and Philip McMahon, senior associate Adam Roberts and graduate Alice Li.
Deal significance: Propertylink is an internally managed real estate group consisting of a leading investment and asset management business with over $1.55 billion of Australian assets under management and a diversified property portfolio of 33 industrial and logistics assets.
Propertylink made an initial public offering (IPO) of stapled securities to institutional and retail investors, which raised a total of $503.5 million at a price of AU$0.89 per stapled security.
Credit Suisse (Australia) Limited, Goldman Sachs Australia Pty Ltd and J.P. Morgan Australia Limited acted as joint lead managers on the IPO.
Propertylink securities commenced trading on the Australian Securities Exchange, on a conditional and deferred settlement basis, on 5 August 2016 under the ticker code ‘PLG’, and is expected to commence trading on a normal settlement basis this week.
Propertylink also underwent an internal restructure and established a $300 million long-term debt facility with Westpac Banking Corporation.
“This was a complex IPO requiring technical legal knowhow as well as practical commercial expertise,” lead Herbert Smith Freehills partner Philip Podzebenko said.
“We were able to form a multidisciplinary team across the corporate, finance and property teams of the firm to provide Propertylink with the comprehensive advice they needed. I am delighted we were able to achieve such a successful result for such a valued client.”