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G+T advises Australian Unity on its $391m office fund IPO
Gilbert + Tobin today announced it advised the Responsible Entity on the $391 million float of Australian Unity Office Property Fund.
The float is Australian Unity’s first listed investment fund and the first A-REIT to list on the ASX this calendar year.
The Fund’s portfolio, which has a current occupancy rate of more than 96%, is diversified across eight assets in the metropolitan and CBD markets of Sydney, Adelaide, Melbourne, Brisbane and Canberra.
Gilbert + Tobin lead partner Adam Laura said the Australian REITs market is in strong demand, particularly amid record-low interest rates – “The REIT market in Australia is attracting significant investment due to generally strong and stable yields.”
Gilbert + Tobin partner, Adam D’Andreti, who also worked on the transaction said, “We were delighted to work on the transaction, the success of which reflects the deep bench strength of Gilbert + Tobin’s Funds and Equity Capital Markets teams.”
Other team members on the deal included lawyers Richard Francis, Aisling Lynch and Richard Davey. Gilbert + Tobin partner, Simon Lynch, advised the Fund on its associated debt financing together with lawyer Robert Trowbridge.
The Fund will be externally managed by Australian Unity Investment Real Estate Limited (AUIRE), a wholly owned subsidiary of Australian Unity.
The underwriters of the deal were Credit Suisse, UBS and NAB and they were advised by Tony Sparks of Allen & Overy.
Gilbert + Tobin is listed in Chambers Asia Pacific 2016 for its strong presence in the Investment Funds space and is also listed in Band 1 of Corporate/M&A, Equity Capital Markets and Private Equity. One of only three Australian law firms to be ranked Band 1 in those 3 categories.