KWM advises Irongate Group on strategic schemes for AU1.6 billion property portfolio

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King & Wood Mallesons (KWM) has advised ASX-listed property group, Irongate Group (ASX:IAP) on its entry into a scheme implementation agreement with a partnership managed by Charter Hall (ASX:CHC).

The SIA would see the Charter Hall partnership (which comprises Dutch pension fund PGGM and Charter Hall) acquire 100 % of the units in Irongate Property Fund I, and Charter Hall Holdings Pty Limited acquire 100 % of the units in Irongate Property Fund II by way of trust schemes of arrangement.

Furthermore, if approved and implemented, IAP securityholders will receive cash consideration of A$1.90 per IAP stapled security under the Schemes and will retain entitlement to the distribution for the period ending 31 March 2022 up to 4.67 cents per IAP stapled security. 

The KWM Deal team is led by Partners Daniel Natale and David Friedlander, supported by Senior Associate Jennifer Cheung, and Solicitors Megan Fung and Wendy Yuan.

Commenting on the deal Partner Daniel Natale said:

“We were thrilled to work alongside Irongate Group on these schemes which also reflects the first significant REIT public M&A deal for the year. We look forward to working with the board and management team to deliver this result for unitholders”.

The implementation of the trust schemes are subject to IAP securityholder approval and other customary conditions.

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