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Allens acts for GPT on $1.2 billion underwritten capital raising

Allens acts for GPT on $1.2 billion underwritten capital raising

Allens Arthur Robinson has advised The GPT Group (GPT) on its recent $1.2 billion capital raising. GPT is one of Australia's largest diversified listed property groups. Following the…

Allens Arthur Robinson has advised The GPT Group (GPT) on its recent $1.2 billion capital raising. GPT is one of Australia's largest diversified listed property groups.

Following the announcement of its intention to raise capital on 7 May, GPT required a rapid turnaround on the transaction, comprising a non-renounceable 1 for 1 pro-rata entitlement offer to eligible security-holders and a $120 million institutional placement.

The institutional component of the entitlement offer of about $1.1 billion and placement were fully underwritten, with the entitlement offer including a non-underwritten retail component of about $470 million.

Sydney Partner Anna Lenahan said the timely execution of the transaction required an extraordinary effort from the Allens' team, comprising partner Vijay Cugati, Senior Associate Marc Kemp and lawyers Paul Mayson, Emma Leske and Chris Smith.

"This was an intensive deal which required a quick response and execution, so we are very pleased at how the team responded," she said.

"We really appreciate the opportunity to work alongside the highly talented teams at GPT and UBS in this transaction.

"Our close working relationship meant we could draw on previous experience and knowledge of working together so that we could execute the entire process of this significant capital raising in a fast and effective way for GPT," she said.

Freehills advised and worked closely with UBS on the transaction

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