AMP - establishment of 2 wholesale property trusts
We acted for AMP Henderson in relation to the establishment of 2 new wholesale property trusts, holding more than $1.1 billion in regional shopping centre assets. Our team acted on the structuring and establishment of the trusts, the acquisitions of the centres and the debt facilities.
Our team are advising Australand on the establishment of a series of Australand-managed wholesale property trusts, intended to give Australand the opportunity to develop and place approximately $700 million pre-leased commercial and industrial property over a 3 year period. Two trusts have been established and sold, with property of an “on completion value” of approximately $350 million. Two further trusts with an estimated “on completion value” of $430 million are being undertaken at the moment. These trusts will then be merged with Australand by way of stapled security structure. The transactions were structured to pass title to investors early to reduce stamp duty but to avoid investors taking development risks. The exit strategy of stapling is a novel end strategy for a property trust.
Australand Property Group - restructure
The firm is acting for Australand Holdings Limited in the restructure of its group, including stapling and listing of Australand Holdings Limited and Australand Property Trust, and accompanying capital raising.
We act for bidder and vendor in a bid for $207.8 million TripleCee Retail Investment Trust (now Centro) and act for MCS in its sale to Centro.
$1.7 billion Mirvac Property Trust merger
Our team advise Mirvac on the $1.7 billion merger under which Mirvac Property Trust, Capital Property Trust and Mirvac Limited and their securities stapled for combined ASX (Australian Stock Exchange) listing.
Record Realty Trust - organisation and financing of properties
We represented Record Realty in regard to the organisation and financing of properties to be included in the Record Realty Trust. Some of the relevant transactions involved acquisition finance supported by residual value insurance. Deals include: in New South Wales - 465 Victoria Avenue in Chatswood, the Energex Building, National Parks and Wildlife Office at Hurstville, Mt Gravatt Australian Taxation Office, Workcover building at Gosford, Boral HQ in Sydney; in South Australia - 1 King William Street in Adelaide; in Victoria - 1 Spring Street in Melbourne; 321 Exhibition Street in Melbourne; in Western Australia - 30 Beaufort Street in Perth.
Telstra - corporate real estate transaction
Our team acted for Telstra in the largest one-line corporate real estate transaction to date in the Australian market. The transaction realised a gross value of $570 million for Telstra. Telstra obtained highly structured and flexible leasing arrangements for its continued occupancy of the properties in the portfolio.
Westpac - debt finance to the Westpac Office Trust
We acted for the bank in providing debt finance to the Westpac Office Trust, a property trust floated and managed by Westpac Funds Management which was established to acquire a 70,000 square metre office development site which is to become Westpac's new national headquarters. The facility was a $613 million construction finance facility. The transaction involved detailed participation in the legal documentation for a complex transaction, including title due diligence, lease review and negotiation, development and building contract review and negotiation, stamp duty structuring and aspects relating to the property trust.
“Typical feedback for this ‘prestigious’ practice is summed up by one source's assertion that it ‘dominates the property market, to be frank.’ … There is also real depth to the pool of legal talent here… Expertise is available in property-related IPOs, property trusts, development projects ...”
Chambers Global Guide 2004-2005