Allens has advised ASX-listed Mirvac Group (ASX: MGR) (Mirvac) on its fully underwritten institutional placement to raise A$750 million and a non-underwritten security purchase plan to raise up to A$75 million. This is one of the-largest equity raisings in Australia so far this year.
The equity raised will allow Mirvac to deliver value accretive office, industrial, residential and mixed-use projects, repay debt and replenish funding for its existing development pipeline.
The Mirvac equity raising follows a series 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 alongside Partner Kate Towey.
‘Mirvac is one of Allens’ long-standing clients and we were pleased to advise them on this landmark capital raising that will strategically position it for future growth,’ Kate said.
Approximately A$2.1 billion of capital has been raised by Australian Retail Estate Investment Trusts in 2019. Allens has acted on a number of these transactions, including:
- Acting for the underwriters on Dexus’ A$900 million fully underwritten institutional placement;
- Acting for Charter Hall Education Trust on its A$120 million fully underwritten institutional placement and follow on unit purchase plan; and
- Acting for the underwriters on VIVA Energy REIT’s A$100 million fully underwritten institutional placement.