Spate of equity raisings by real estate groups continue
Mirvac has raised fresh capital with the help of Allens.
Allens said that the $750m fully underwritten institutional placement and a non-underwritten security purchase plan to raise up to $75m is one of the largest equity raisings in Australia this year.
Mirvac raised funds to use on projects, repay debts, and replenish funding for existing developments.
Allens said that the raising continues a spate of equity raisings by real estate groups.
“We're seeing several real estate groups move to capitalise on strong equity market conditions to embark on acquisitions or raise funds for future opportunities,” said partner Julian Donnan, who led the Allens team with partner Kate Towey.
Towey said that Mirvac is one of the firm’s long-standing clients.
The corporate team included associates Keegan Lopez and Lisa Gao, lawyers Ollie L’Estrange and Andrew Mon, and law graduate Will Brown.
Tax matters were handled by partner Craig Milner, while funds advice was provided by partner Penny Nikoloudis, managing associate Sean Cole, and associate Nicholas Twomey.
Allens said that about $2.1bn of capital has been raised by Australian REITs in 2019. The firm acted for the underwriters of Dexus’s $900m fully underwritten institutional placement, acted for Charter Hall Education Trust on its $120m fully underwritten institutional placement and follow-on unit purchase plan, and acted for the underwriters on VIVA Energy REIT’s $100m fully underwritten institutional placement.
Julian Donnan and Kate Towey