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$50m ECM transaction goes ahead
Ashurst and Allen & Overy have advised in an equity capital markets deal worth $50 million.
Emma Musgrave
Firms: Ashurst (Australian Unity Investment Real Estate Limited); Allen & Overy [Credit Suisse (Australia) Limited (CS) and UBS AG, Australia Branch (UBS)]
Deal: An accelerated non-renounceable entitlement offer of units in Australian Unity Office Fund
Value: $50 million
Area: Equity capital markets
Key players: The Ashurst legal team was led by corporate partner Sarah Dulhunty, with assistance from global loans partner Jock O’Shea.
Deal significance: Ashurst’s role in this transaction saw it advise Australian Unity Investment Real Estate Limited (AUIREL) as the responsible entity for the Australian Unity Office Fund (AOF).
According to a statement from the firm, under the Entitlement Offer of $50 million, eligible unitholders in AOF are invited to subscribe for 1 new ordinary unit for every 6.25 AOF units held at the record date.
“The Entitlement Offer is being underwritten by Credit Suisse (Australia) Limited and UBS AG, Australia Branch,” the firm’s statement said.
“The proceeds of the Entitlement Offer will go towards partially funding AUIREL’s acquisition of the office property located at 150 Charlotte Street, Brisbane.
“The balance of the consideration for the acquisition will be funded through an extension of AOF’s debt facilities with a new $70 million, five-year tranche.”
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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