Baker McKenzie's Sydney office successfully acted for Morgan Stanley Australia Securities Limited as lead manager and underwriter of the AUD 55 million capital raising by ASX-listed Arena REIT. The transaction comprises an underwritten institutional placement on a Rule 144A basis and a non-underwritten security purchase plan. The proceeds from the capital raising will be used to fund Arena REIT’s various acquisitions, and also maintain its balance sheet capacity to accommodate pipeline growth and speed of execution on opportunities.
The Baker McKenzie team was led by Partner Craig Andrade and General Associate Matthew De Cataldo advising on the Australian law aspects of the transaction, with Partner Andrew Reilly and Special Counsel Paul Anderson advising on US legal matters.
This transaction adds to the extensive list of REIT-related deals in Asia Pacific on which the Firm advised, including Spring REIT's successful defense against unsolicited takeover bid; National Storage REIT’s equity raising; Charter Hall Retail REIT’s placement in ASX; Keppel REIT’s establishment of Australian investment structures; Parkway Life REIT’s acquisition of two properties in Japan; CDL Hospitality Trusts / M&C REIT Management acquisition of two hotels in Japan; Starhill Global REIT on the acquisition of the landmark David Jones retail center in Perth; the establishment of Impact Growth REIT in Thailand; Prospect REIT Investment Corporation's merger with Japan Rental Housing Investments Inc.; the establishment and IPO of Tower REIT in Malaysia; the IPOs and listings of both the Fubon No. 1 and No. 2 REITs in Taiwan; the formation and IPO of MacarthurCook Industrial REIT in Singapore; Tokyo Growth J-REIT’s IPO; the IPO and listing of ARA Asset Management in Singapore; and YTL Corporation’s acquisition of interests in Macquarie Prime REIT (now known as Starhill Global REIT).