Gadens Lawyers took a key role on the capital raising, acting as issuer counsel for IEF. The issue is the fifth Australian Real Estate Investment Trust (A-REIT) capital raising the firm has worked on in the last 18 months.

"During the darkest days of the global financial crisis only the biggest A-REITs could raise funds on the capital markets, but now we are seeing the mid and smaller cap A-REITs tapping the markets successfully," said Gadens Sydney corporate advisory partner Paul Brown.

"In the last 18 months, we have acted on three raisings for large A-REITs to raise over $1.5 billion and have since acted for ING Real Estate Healthcare Fund on its $13 million placement and unit purchase plan."

Proceeds from IEF's capital raising, and associated asset sales, will go towards the repayment of debt and improve its loan to value ration (LVR).

The IEF rights issue is fully underwritten (by the holders of convertible notes issued by IEF) which will be redeemed in conjunction with the capital raising.

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Gadens' Paul Brown and Charly Duffy acted as issuer's counsel for IEF, Baker & McKenzie's David Holland and Katie Knight, and Minter Ellison's Michael Donovan and Nathan Cahill acted for the underwriters, and Allens Arthur Robinson's Robert Pick and Xinmin Pang acted for the lead manager.