find the latest legal job
Part Time Risk & Compliance Officer
Category: Other | Location: Brisbane QLD 4000
· Brisbane City · Flexible Part Time Hours
View details
Infrastructure Lawyer/SA
Category: Construction Law | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· Global elite law firm · Dedicated Infrastructure team
View details
Property Lawyer
Category: Property Law | Location: All Melbourne VIC
· 12 Month Contract · Diverse Work
View details
Family Lawyer
Category: Family Law | Location: Eastern Suburbs Melbourne VIC
· Boutique Firm · Great Reputation
View details
Infrastructure Lawyers
Category: Construction Law | Location: All Perth WA
· We'd be particularly interested to hear from you if you were a lawyer who knows your way around the infrastructure and energy sectors.
View details
Centuria increases funds under management by 63%

Centuria increases funds under management by 63%

Philippa Stone

This mega-acquisition will see Centuria become one of the largest ASX-listed real estate fund managers.

Firms: Herbert Smith Freehills, HWL Ebsworth (Centuria Capital Group); Clayton Utz (360 Capital Group); Baker & McKenzie (underwriters)

Deal: Centuria Capital Group has made a $217 million acquisition of the majority of 360 Capital Group’s real estate management platform and a $150 million equity raising.

Value: $217 million acquisition; $150 million equity raising

Area: M&A

Key Players: Leading the Herbert Smith Freehills advisory team in relation to the majority acquisition of 360 Capital Group’s real estate management platform was partner Fiona Smedley, who was assisted by senior associate Yorick Ng. HWL partners James Lonie and Rowan McDonald also acted for Centuria on aspects of the acquisition, assisted by solicitor Amy Campbell.

Philippa Stone led the Herbert Smith Freehills team in relation to Centuria’s capital raising, assisted by solicitor Ben Robinson.

Deal significance: The acquisition makes Centuria one of the largest ASX-listed pure-play Australian real estate fund managers, representing a 63 per cent increase in funds under management, from $2.2 billion to $3.6 billion.

“The capital raising is innovative, with all elements, including the rights issue, conditional on approvals which are also conditions to the acquisition,” Ms Stone told Lawyers Weekly.

“This has enabled Centuria to link the funding and the acquisition effectively.”

Subject to 360 Capital Group’s (ASX: TGP) security-holder and 360 Capital Office Fund’s (ASX: TOF) unit-holder approvals, as well as Centuria security-holder approval under the conditional placement, Centuria will use proceeds from the Moelis Australia underwritten equity raising to partially fund the acquisition.

“We would like to congratulate Centuria on the acquisition and wish them all the best for this next chapter,” Ms Stone said.

“The M&A market has strengthened significantly in recent months and is looking healthy for the 12 months ahead.”

 

 

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Centuria increases funds under management by 63%
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Violence
Nov 17 2017
It's time for politicians to commit to eradicating domestic violence
The national shame of domestic violence cannot be left unaddressed, writes Christine Smyth. ...
Nov 16 2017
From lawyer in law firm to senior governance professional
Promoted by Governance Institute of Australia As a law graduate, Kate Griffiths never imagined...
marriage equality
Nov 16 2017
Legislation the next hurdle for marriage equality
Lawyers have underscored the importance of ensuring same-sex marriage legislation does not limit ant...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...