Freehills helps Aviva Investors acquire £223 million HIP Fund
Freehills has advised Aviva Investors, the global asset management arm of Aviva plc—one of the world’s biggest insurance groups—on another significant acquisition of Australian property.
Aviva Investors has agreed to take over as manager and Authorised Corporate Director (ACD) of the Henderson International Property Fund (HIP) (formerly known as the New Star International Property Fund) from 2 August 2010.
Globally, HIP holds European and Asia-Pacific assets valued at ₤183 million. Amongst its Australian assets are two Sydney CBD assets, 64 Castlereagh Street and 160 Sussex Street, as well as a property in Perth’s CBD, 12-14 The Esplanade.
Top-tier Australian based international law firm Freehills advised on the Australian corporate, funds and property aspects of the transaction coordinating advice from Brisbane, Sydney and Perth.
Brisbane based projects partner Michael Back led the Freehills team, advising Aviva Investors on the property aspects of the transaction along with senior associates Julie Jankowski (Brisbane), Alex Spark (Sydney) and Marie Botsis (Perth).
Matthew Stutsel, a partner in Sydney’s Freehills’ funds management practice, with solicitors Katherine Bennett and Susie Li, advised on the structural aspects of the transaction.
Freehills partner Matthew Stutsel said, ’This deal was another great opportunity to help consolidate Aviva Investors’ Australian position by acquiring the HIP portfolio, after also working with Aviva on their initial Australian acquisition’.
Aviva Investors is seeking to merge the HIP trust with the £223 million held in its existing European and Asia-Pacific real estate funds (subject to investor and regulatory approvals) in order to take advantage of the favorable market outlook for international property. The deal particularly underlines the continued activity and foreign capital interest in the Australian commercial property market in response to the trend for upward valuations, and as investors and fund managers globally seek to increase the size and diversity of their portfolios.
About Aviva Investors
Aviva Investors is the global asset management business of Aviva plc. The business delivers investment management solutions, services and client-driven performance to clients worldwide. Aviva Investors operates in 16 countries in Asia Pacific, Europe, North America and the United Kingdom with assets under management of almost £250 billion of which £20.7 billion is in real estate, at 31 December 2009 and nearly 1400 employees worldwide.
About Henderson Global Investors
Established in 1934, Henderson Global Investors is a leading independent global asset management firm. The company provides its institutional, retail and high net-worth clients with access to skilled investment professionals representing a broad range of asset classes, including equities, fixed income, property and private capital. Headquartered in London, Henderson is one of Europe’s largest investment managers, with £60.3 billion assets under management (as at 31 March 2010) and employs around 940 people world-wide.
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