Freehills has advised Australian Prime Property Fund Retail (APPF Retail) on its recent $500 million wholesale equity raising.
APPF Retail is part of the APPF series of Funds and is Australia’s premier unlisted wholesale retail fund with assets valued at $3.4 billion.
Freehills lead partner Justin O’Farrell said, ‘The equity raising was over-subscribed at current unit value, and completed in only four weeks. It is a fantastic result and a great testament to the quality of the Lend Lease wholesale funds.’
O’Farrell was assisted by senior associate Robert Bileckij.
In December last year O’Farrell and Bileckij assisted Lend Lease in the launch of Lend Lease Real Estate Partners 3, which was the first wholesale launch in Australia for some time. That fund is now almost fully invested. At that time, O’Farrell predicted further activity in the wholesale market in the current year.
‘The current raising indicates that the wholesale market is now fully open for business – for the right assets. We can probably expect further activity in both the wholesale and listed spaces over the coming months,’ O’Farrell concludes.
The Freehills team worked closely with Eric Wells, General Counsel of Lend Lease Investment Management. ‘Eric has a wealth of experience,’ O’Farrell adds ‘and is a delight to deal with’.
More information
For information regarding possible implications for your business, contact