Herbert Smith Freehills is advising Morgan Stanley and National Australia Bank as joint lead managers and underwriters for Arena REIT’s initial public offering and listing on the Australian Securities Exchange. Arena REIT is one of Australia’s largest owners of child care properties, holding a portfolio valued at over $220 million. It will raise $75 million of new money under the IPO.
The Herbert Smith Freehills team was led by funds M&A partner Justin O’Farrell and executive counsel Lauren Magraith, supported by lawyer Adrian Amer.
Arena lodged its PDS with the Australian Securities and Investments Commission yesterday and the IPO has revealed a healthy appetite for listed real estate assets from investors.
‘The success of the offer reflects the strong ongoing recovery in the listed REIT market over the past 18 months. The level of investor demand is very encouraging for the sector generally,’ remarked O’Farrell. ‘It was a pleasure to be involved with the teams at NAB and Morgan Stanley and we look forward to further developments in this space in the near future.’
Hall & Wilcox advised Arena. PricewaterhouseCoopers provided tax and accounting advice. Arena REIT is formerly known as the Arena Childcare Property Fund.
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