HWL Ebsworth advised Ingenia Communities Group on its $475 million accelerated non-renounceable entitlement offer.
Ingenia is an ASX200 leading operator, owner and developer of land lease communities and holiday accommodation with 92 communities and development sites across Australia and a market capitalisation of over $2.1 billion. The capital raising and associated acquisitions will greatly increase the number of sites and market capitalisation.
The proceeds of the capital raising will be used to partially fund the acquisition of 20 high quality communities and development sites including the Seachange and Caravan Parks of Australia portfolios.
Ingenia’s ANREO represents the biggest REIT capital raising in Australia this year and is the biggest REIT rights issue for a decade, according to Australian Financial Review.
Partner Paul Brown advised Ingenia on the transaction, supported by Special Counsel Cam Steele, Solicitor Sarah Minns and Graduate at Law Michelle Sun.
Simon Owen, Ingenia’s CEO said, “The acquisitions funded by the capital raising are transformative for Ingenia and the team at HWLE have been tremendous contributors and supporters of the Ingenia team in achieving this outcome.”
Paul Brown said, “It is a great privilege for us to assist our valued and long-standing client Ingenia on another important milestone. We work as an extension of the Ingenia team on these fast moving and complex transactions and we enjoy rolling our sleeves up and doing whatever we can to make the process as seamless as possible for Ingenia.”
The firm has acted on a number of significant corporate transactions for Ingenia, including:
- $150 million placement and $28 million Security Purchase Plan in 2020;
- $131 million placement and accelerated non-renounceable entitlement offer in 2019; and
- $74 million placement and accelerated non-renounceable entitlement offer in 2017.
Ingenia’s capital raising is HWL Ebsworth’s 68th equity capital market transaction this year. The firm has helped clients raise over $2 billion in equity and is currently ranked first in Australia for advising on the highest volume of ECM deals, according to Refinitiv and Bloomberg.
Read the ASX announcement here.
Note to Editors:
HWL Ebsworth is the largest legal partnership in Australia according to the most recent partnership surveys published by The Australian and the Australian Financial Review.
The firm comprises 1,531 staff including 267 Partners, 901 other legal staff and 360 support staff across offices in nine locations – Adelaide, Brisbane, Canberra, Darwin, Melbourne, Hobart, Norwest (North West Sydney), Perth and Sydney.
HWL Ebsworth is an independent, nationally integrated, full service commercial law firm, providing tailored and commercially oriented legal services.
HWL Ebsworth operates a different business model to the other leading national law practices, and this allows us to offer unrivalled value for money without compromising quality and service. Our low ratio of solicitors to partners ensures that our clients receive optimal access to partner resources for all matters.
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