Herbert Smith Freehills is advising Morgan Stanley in relation to their role as sole underwriter and lead manager of National Storage REIT’s initial public offering and listing on the Australian Securities Exchange.
National Storage REIT will be the first independent, fully-integrated owner and operator of self-storage centres listed on the ASX. National Storage commenced operations in 2000 and is one of the largest operators and managers of self-storage centres in Australia with 62 self-storage centres under its operation or management and over 23,000 customers.
National Storage REIT is expected to list on the ASX on 23 December 2013 with a market capitalisation of $240 million (based on the offer price).
The Herbert Smith Freehills team is led by partner Philippa Stone and executive counsel Lauren Magraith, assisted by solicitor Adrian Amer.
Ms Stone said ‘The National Storage REIT IPO is a further indicator of the resurgent IPO market, particularly in the property sector. Herbert Smith Freehills is proud to have acted for Morgan Stanley on another real estate transaction, having also acted for them earlier this year on the Arena REIT IPO.’
Herbert Smith Freehills’ capital markets team has also recently acted for Industria REIT on its $225 million IPO, for the joint lead managers and underwriters of the $341 million IPO of Veda Group Limited, for the McAleese Group on its $166 million IPO, for the joint lead managers to OzForex’s $439 million IPO, and for the joint lead managers and underwriters of iSelect’s $215 million IPO and Calibre Group on its $75 million IPO.
Our 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 $1.0 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) the first Basel III compliant hybrid by an Australian Bank, for Bendigo and Adelaide Bank on its $269 million issue of Convertible Preference Shares and concurrent Reset Preference Share Reinvestment Offer, for the joint lead managers on Macquarie Group Limited’s offer of Macquarie Capital Notes, 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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