HSF assists fund manager on multi-billion-dollar merger

The stapling merger is expected to raise $13.4bn in real estate assets

HSF assists fund manager on multi-billion-dollar merger

Herbert Smith Freehills (HSF) has advised investment manager AMP Capital Funds Management Limited (AMPCFM), the responsible entity for AMP Capital Diversified Property Fund (ADPF), on its stapling merger with Dexus Wholesale Property Fund (DWPF).

As part of the deal, DWPF will replace AMPCFM as the responsible entity for ADPF. ADPF unitholders will also be granted access to a special liquidity facility funded by the sale of certain ADPF assets.

The special liquidity facility is expected to end 18 months after the change of responsible entity, after which, ADPF and DWPF will be combined through stapling to form a diversified wholesale property fund predicted to raise $13.4bn in core real estate assets.

The parties have entered into an implementation agreement and the transaction is subject to relevant approvals by both ADPF and DWPF unitholders.

Partner Fiona Smedley led the HSF deal team. Partners Rebecca Maslen-Stannage and Erin Wakelin, consultant James Graham, senior associate Yorick Ng, and solicitors Nicholas Gerovasilis, Hiroko Ito, and Hartley Spring provided support.

“We are delighted to have had the opportunity to work with the independent board committee of the responsible entity of ADPF on this complex and unique transaction, and that the responsible entity of ADPF is now in a position to put a proposal to the vote of ADPF unitholders,” Smedley said.

Recent articles & video

HSF wins landmark case for insurance company

Highlight: Best in Law report celebrates the most influential lawyers across three regions

DLA Piper boosts project and energy team in New York

New CEO steps up at KCL Law

Nominate now for Australia’s top legal professionals!

G+T helps juice up Ausgrid with billion-dollar refinancing

Most Read Articles

Ex-Corrs lawyer to lead Hamilton Locke Melbourne's corporate team

W+K attracts top defamation lawyer from Corrs

King & Spalding adds global investigations partner Olivia Radin in New York

DLA Piper advises South Korean company on construction deal with Sydney Metro