HWL Ebsworth helps REIT fund a new acquisition

Major firm advises on a capital raising during the pandemic to fund a deal

HWL Ebsworth helps REIT fund a new acquisition

HWL Ebsworth has advised ASX-listed real estate investment trust Ingenia Communities Group on a capital raising worth $15.2m.

Ingenia announced the fully underwritten distribution reinvestment plan on 18 February, and closed the deal on 26 March. Supported by participating securityholders and underwriter Moelis Australia Advisory, the investment trust pulled in $4.79 per security.

The real estate investment trust intends to use the equity to help support its acquisition of an established lifestyle community located on NSW’s Central Coast, further expanding its network of lifestyle, holiday and rental communities across NSW, Queensland and Victoria.

The success of the transaction is very positive news for Ingenia, especially given the current volatility of the economic climate as a result of uncertainty caused by COVID-19.

Partner Paul Brown led the HWL Ebsworth team alongside solicitor Jonathan Yee. They advised on all aspects of the deal. This was the first time the firm has worked with Ingenia, as HWL Ebsworth had assisted the company with a number of “key capital transactions,” including a $131m placement and accelerated non-renounceable entitlement offer back in November 2019.

Recently, the firm had also played a major role in Abacus Property Group’s acquisition of a commercial tower in North Sydney—a massive deal worth $311.3m. The team handling that transaction closed the deal just over two weeks after receiving their instructions.

Related stories

Free newsletter

Subscribe to our FREE newsletter service and we’ll keep you up-to-date with the latest breaking news, cutting edge opinion, and expert analysis affecting both your business and the industry as whole.

Please enter your email address below and click on Sign Up for daily newsletters from Australasian Lawyer.

Recent articles & video

NRF elevates 33 in Australia

Sparke Helmore picks up even dozen in merger with Newcastle firm

Dentons closes two UK offices to embrace full-time remote work

HBA Legal salutes women in all-female promotions round

Promotions highlight development programs' success at Piper Alderman

HFW adds to global fraud and insolvency partnership with UK litigation specialist

Most Read Articles

HSF managing partner embraces innovation and technology in a COVID-19 world

Tax expert from Big 4 firm joins Clayton Utz’s partnership

KHQ Lawyers welcomes two to principal solicitor team in Melbourne

Carter Newell strengthens insurance team with new special counsel