The cash deal will grow the company’s funds under management by $1.6bn
Two leading firms have acted to help a property fund manager and developer grows its business by acquiring a smaller rival.
Allens advised Charter Hall Group on its $205m cash deal to acquire Folkestone, which was advised by Clayton Utz.
The Allens team was led by partner Stuart McCulloch. The Clayton Utz team was led by partner Matt Anderson.
“Charter Hall is a high growth company with an exciting strategy. The acquisition of Folkestone complements Charter Hall's existing funds management and property portfolio and will grow Charter Hall’s funds under management by $1.bn,” McCulloch said.
“The transaction is structured as a scheme of arrangement and provides that Folkestone shareholders will be entitled to receive $1.39 cash per share, comprising a Charter Hall cash consideration of $1.354 per share and a special dividend of $0.036 per share,” he said.
Allens fielded teams corporate M&A, projects, funds, disputes and investigations, and banking and finance teams for the deal, McCulloch said.
The corporate team included partner Marc Kemp, senior overseas practitioner Dannie Hanna, overseas practitioner Anisha Desor, and associate Tom Hall. Lawyers Dennis Xin, Lawyer, Carolyn Loh, and Elise Blume were also part of the team.
Allens’ projects team included partner Alexandra Peace, managing associate Annabelle Aland and senior associate Peter Brennan.
Partners Nicholas Adkins and Veronica Siow, senior associates Edward Chuah and Tegan Ayling, and graduate Andrew Lee also provided expert advice.