HWL Ebsworth has advised Centuria Property Funds Limited, a subsidiary of ASX-200 listed Centuria Capital Group, on the merger of the Centuria Diversified Property Fund (CDPF) with the Primewest Property Income Fund (PPIF) by way of a stapling of units in the funds.
The stapled fund comprises $269 million of diversified property assets across Australia.
The merger was subject to a number of conditions, including approval of the merger by CDPF unitholders and PPIF unitholders and regulatory relief being granted by ASIC. The merger was approved by the unitholders of both CDPF and PPIF at unitholder meetings and the stapling was implemented on 27 May 2022.
Sydney corporate Partner Naomi Philp led HWLE’s team on the transaction, with support from Partners Lisa Lautier and James Lonie, Associates Ariane Demetriou and Karl Norman and Solicitors Mathew Zagby and Emily Hood.
Centuria Co-Head – Unlisted Funds, Doug Hoskins, said, “Naomi and her team delivered a marathon effort throughout the 10-month process of stapling the funds. It has enabled us to deliver a great result for our investors with a more diversified real estate portfolio providing greater scale. We are very pleased to receive strong support from both funds’ investors to merge the entities.”
McMahon Clarke acted for PPIF on the transaction.
The merged fund will be known as CDPF.
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