The proceeds of the IPO have been used by the Trust in its acquisition of a Pan-Asian portfolio of 10 hotel assets, situated across six cities in Australia, China and Japan. Australian assets acquired included Sebel, Citigate and Pullman hotels in Sydney, Melbourne, Brisbane and Cairns, comprising 100% of the Ascendas Australia Hotel Fund (formally Mirvac Wholesale Hotel Fund), and which King & Wood Mallesons assisted Ascendas in acquiring an initial part interest earlier this year.
The King & Wood Mallesons team was led by partner John Sullivan, and included partner Evie Bruce, senior associates Mark Bayliss, Scott Phillips and Intan Eow, special counsel Malcolm Brennan, and solicitor Daiwei Shi.
Mr Sullivan said “We are proud to have assisted Ascendas in bringing this innovative product to market in a challenging macro-economic climate. Amongst other things, the success of the product is testament to the continued confidence of real estate capital market participants in the Australian and broader Asian real estate markets, and the robust fundamentals and growth opportunities that underpin them. We were delighted to be able to lend our market leading real estate capital market expertise on the transaction."
King & Wood Mallesons continues to be very active in advising leading global and Asia focussed real estate managers and sponsors, including AEP Investment Management, Ascendas, CLSA Capital Partners, LaSalle Investment Management and Pramerica Real Estate Investors on their inbound investments into the Australian real estate sector.
For further information on King & Wood Mallesons recent experience and market-leading expertise in investing in Australian real estate, please see Real Estate, Real Opportunities - Investing in Australian real estate.
Elle QuinnCommunications ManagerT +61 2 9296 3730
M +61 424 168 080