Herbert Smith Freehills Advises Goldman Sachs on FKP Property Group’s A$232 Million Entitlement Offer

Herbert Smith Freehills has advised Goldman Sachs Australia Pty Ltd in relation to its role as sole lead manager and underwriter of FKP Property Group’s (FKP) underwritten A$232 million accelerated pro-rata non-renounceable entitlement offer announced on Monday (the Entitlement Offer) and in relation to its role as sole bookrunner and underwriter of Stockland’s sale of its stake in FKP, conducted concurrently with the institutional shortfall bookbuild under the Entitlement Offer.

The proceeds received from the Entitlement Offer will be used to deleverage and extinguish substantially all short-term debt maturities to improve FKP’s overall capital position. The raising will enable FKP to accelerate the implementation of its strategy to become a pure retirement developer, manager and owner.

FKP agreed to Stockland’s sale of its stake in return for Stockland agreeing to terminate its right of first refusal over FKP’s retirement assets for no consideration.

The Herbert Smith Freehills team was led by Partner Philippa Stone and Senior Associates Lucy Hall and Philip Hart, assisted by Solicitor John Blake.

“Herbert Smith Freehills is delighted to have acted for Goldman Sachs on these important transactions which will assist FKP in significantly reducing leverage and facilitate Stockland’s orderly exit from FKP’s register,” said Ms Stone said.

FKP was advised by Minter Ellison.

Herbert Smith Freehills’ capital markets team has also recently acted for the joint lead managers on OxForex Group’s $439 million initial public offering, ASX Limited on its $553 million entitlement offer, for Macquarie as sole book runner, lead manager and underwriter on Mirvac Group’s $400 million fully underwritten placement, for Citi as sole lead manager and bookrunner on Woolworths’ property demerger and associated capital raising, for J.P. Morgan as sole lead manager and underwriter on ALS Limited’s fully underwritten entitlement offer and for Morgan Stanley and National Australia Bank as joint lead managers and underwriters on Arena REIT’s initial public offering and listing on ASX.

Herbert Smith Freehills’ Australian capital markets team has also recently acted for the joint lead managers on Westpac Banking Corporation’s $925 million offer of Subordinated Notes II, for the joint lead managers on Australia and New Zealand Banking Group Limited’s $1.12 billion offer of new Tier 1 hybrid securities, for Commonwealth Bank of Australia on its $2 billion offer of PERLS VI (and concurrent PERLS IV buy-back and Reinvestment Offer), for Bendigo and Adelaide Bank on its $269 million issue of Convertible Preference Shares and concurrent Reset Preference Share Reinvestment Offer (the PERLS VI and BEN CPS issuances being the first two fully Basel III compliant Australian bank hybrids), for the joint lead managers on Macquarie Group Limited’s $600 million offer of Macquarie Capital Notes, for the joint lead managers on National Australia Bank’s $1.5 billion offer of CPS, Westpac Banking Corporation’s $1.25 billion Capital Notes offer, for the joint lead managers on Westpac Banking Corporation’s $1.5 billion offer of Tier 2 Westpac Subordinated Notes, for the joint lead managers on ANZ’s $1.5 billion offer of ANZ Subordinated Notes, for Colonial on its $1 billion offer of subordinated notes and for the joint lead managers on IAG’s $377 million offer of convertible preference shares.

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