Welcome to the July edition of The Dispatch. You may have noticed we took a break last month – we hope you could focus on closing out the financial year strongly! We saw a significant equity capital markets transaction with one of the largest Initial Public Offerings this year, and a major transaction in the real estate sector for a multi-million dollar build to rent development.
This edition puts the spotlight on a significant equity capital markets transaction with KWM acting on one of the largest Initial Public Offerings so far this year. David Eliakim and Amanda Isouard led a team acting for Abacus Property Group (ASX:ABP) on the proposed de-stapling and separate listing of its self-storage business, Abacus Storage King. As part of the proposal, Abacus Storage King will raise approximately $225 million in new capital.
Things are heating up in the Real Estate sector with Emily Masters and Jonathan Oldham coming together to lead a team to act as legal counsel for Local Residential on their second build to rent project at 245 Normanby Road, South Melbourne. The $280 million South Melbourne development will comprise 421 sustainable apartments, with 10% dedicated to impact housing, and provide high-quality amenities for residents.
In the resources and energy sectors, there was an important domestic manufacturing transaction led by Chris Dynon, Diana Nicholson and Will Heath to advise Incitec Pivot Limited (IPL) on a 20-year offtake agreement with Perdaman Chemicals and Fertilisers Pty Ltd (Perdaman) for the purchase of urea from Perdaman’s proposed urea plant in the Burrup Peninsula in Western Australia. The deal will ultimately boost Australia’s domestic urea production capability and means that supply will come from one of the world’s most energy efficient plants using low emissions technology.
Over to thought leadership, we recently launched our latest edition of M&A in the City. The first half of 2023 has been a bumper few months for commodity and resources dealmaking. We also dive into schemes of arrangement, talk public M&A tactics and bring you the latest global soundings with a report from the International Bar Association’s M&A conference in New York.
Lastly, Daniel Natale and Tim Klineberg spoke to the Australian Financial Review separately on how the Private Equity and Distressed Debt landscapes are playing out, which we all know will have an impact on our deal market. Take a read here:
- The seven PE firms vying for a chunk of Rugby Australia
- Bankers sharpen their pencils for distressed debt boom
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