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Oxford Properties makes multibillion-dollar acquisition
Ashurst has advised Oxford Properties Group on an acquisition worth $3.35 billion.
Firm: Ashurst (Oxford Properties Group)
Value: $3.35 billion
Area: M&A
Key players: The Ashurst team was led by corporate partner Anton Harris, supported by real estate partners Pauline Tan and David Jones. The team also included partners Andrew Deane, Vivian Chang, Barbara Phair, Jock O'Shea, Caroline Smart, and Grant Rowlands.
Deal significance: This transaction saw Oxford and Investa Listed Funds Management Limited (responsible entity of IOF) enter into a scheme implementation agreement “in relation to a trust scheme pursuant to which Oxford will acquire 100 per cent of the units in IOF for cash consideration of A$5.60 per unit,” a statement from Ashurst explained.
“The directors of ILFML have unanimously recommended that IOF unitholders vote in favour of the scheme, in the absence of a superior proposal and subject to the independent expert concluding that the scheme is in the best interests of IOF unit holders," the statement continued.
“It is Oxford’s intention to establish a leading development, real estate investment and management platform in Australia consistent with Oxford’s integrated platforms both in North America and UK/Europe. This transaction represents Oxford’s first investment in the listed A-REIT sector.
“Ashurst advised Oxford on all aspects of the scheme and the initial acquisition, including transaction structuring, provision of regulatory advice and negotiation of the key transaction documents.”
