Blake Dawson has acted for MacarthurCook Funds Management Limited on the $86 million acquisition of MacarthurCook Industrial Property Fund (MIF) by US-based HRPT Properties Trust.
HRPT is managed by Reit Management & Research LLC, a fund manager with $US17 billion ($18.96 billion) under management.
Under the deal, HRPT has agreed to acquire all of MIF's units via a trust scheme.
This deal represents the second trust scheme to be announced in one week and demonstrates a willingness to adopt a technically complex structure to acquire an interest in Australian Funds.
"This is clear evidence of a trend in increased globalisation of property funds with the entry of a major US player and over time should lead to a revitalisation of the Australian REIT sector," said lead partner Steven Menzies.
"Trust schemes of this kind are technically very complex and therefore it will take some time for the economics to begin to flow into the market place."
Unit holders will receive 40 cents per unit and an agreed special distribution of one cent per unit, and the transaction is conditional on judicial advice, among other things.
According to Blake Dawson, this transaction gives HRPT a foothold in the Australian property market and opens the door for other similar transactions to follow.
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