Gilbert + Tobin has acted for the Responsible Entity on the $391m float of Australian Unity Office Property fund, the first A-REIT to list on the ASX in 2016.
The float comes as record-low interest rates place Aussie RIETs in high demand.
“The REIT market in Australia is attracting significant investment due to generally strong and stable yields,” said lead partner on the deal Adam Laura.
Diversified across eight assets in Sydney, Adelaide, Melbourne, Brisbane and Canberra, the Fund’s portfolio has a current occupancy rate of 96%. The Fund will be externally managed by Australian Unity Investment Real Estate Limited (AUIRE), a wholly owned subsidiary of Australian Unity.
“We were delighted to work on the transaction, the success of which reflects the deep bench strength of Gilbert + Tobin’s Funds and Equity Capital Markets teams,” said partner Adam D’Andreti.
Gilbert + Tobin partner Simon Lynch advised the Fund on its associated debt financing, together with lawyer Robert Trowbridge.
Tony Sparks of Allen & Overy advised Credit Suisse, UBS and NAB who underwrote the deal.