find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Insurance Lawyer (3-5 PAE)
Category: Insurance and Superannuation Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Dynamic organisation ·
View details
Legal Counsel
Category: Corporate and Commercial Law | Location: North Sydney NSW 2060
· 18 month fixed term contract · 3-5 years PQE with TMT exposure
View details
McCullough help property fund find new home

McCullough help property fund find new home

MCCULLOUGH ROBERTSON has helped merge two major Queensland property funds, which have subsequently raised $50 million to date.Leyson Property Fund No. 3 took over Blue Tower Trust, to form…

MCCULLOUGH ROBERTSON has helped merge two major Queensland property funds, which have subsequently raised $50 million to date.

Leyson Property Fund No. 3 took over Blue Tower Trust, to form Australian Property Growth Fund with assets totalling $335 million.

The new entity’s flagship asset is Comalco Place, one of Brisbane’s most successful CBD commercial office buildings.

The transaction also included a two for one entitlement issue of stapled securities in the Fund, which has so far raised $50 million.

Senior associate Kristan Butler, who led the deal team, said the concurrent deals produced some unique legal, tax, commercial and timing issues.

“We wanted to make [the structure] tax effective for the people who were divesting into the new fund,” she said.

“And it was a scrip offer … so the other complicating fact was that we had one property trust, and we had a stapled fund, which is a company and a trust stapled together, and we took over the trust,” she said.

“So we had to consider the tax implications of the fact that we were taking over something that was just a trust, and we were giving scrip and we needed to ensure that they didn’t pay more tax than they needed to.”

Butler said her team “worked incredibly hard” to finish the deal in three months.

As well as Butler, the team included partner Tony Stumm and consultant Professor Paul von Nessen, who assisted with structuring issues.

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

McCullough help property fund find new home
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
LCA president Fiona McLeod SC
07:05
Where social fault lines meet the justice gap in Aus
After just returning from a tour of the Northern Territory, LCA president Fiona McLeod SC speaks wit...
Marriage equality flag
07:00
ALHR backs High Court challenge to marriage equality postal vote
Australian Lawyers for Human Rights (ALHR) has voiced its support for a constitutional challenge to ...
Give advice
07:00
A-G issues advice on judiciary’s public presence
Commonwealth Attorney-General George Brandis QC has offered his advice on the public presence of jud...
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 & ...