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Grocon lets go three Melbourne offices

Commonwealth Managed Investments Limited (CMIL) as responsible entity for Commonwealth Property Office Fund (CPA) announced on 11 November that CPA had agreed to acquire three office buildings…

user iconLawyers Weekly • 15 November 2010 • Big Law
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Commonwealth Managed Investments Limited (CMIL) as responsible entity for Commonwealth Property Office Fund (CPA) announced on 11 November that CPA had agreed to acquire three office buildings located in the Melbourne CBD which are owned or managed by Grocon Pty Ltd.

 
 

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The acquisition will be funded in part by CPA undertaking a $158.6 million institutional placement of CPA units at an offer price of 86 cents per new unit; a one for 15 accelerated non-renounceable entitlement offer of new units in CPA to raise $115.4 million at the offer price; a $43 million placement of CPA units to Grocon at the offer price; and subject to unit holder approval, a $60 million placement of CPA units to PRE Services (as responsible entity of Grocon Property Trust Australia) at 88 cents per new unit.

The institutional placement and entitlement offer is fully underwritten by Macquarie Capital Advisers Limited, J.P. Morgan Australia Limited and CBA Equities Limited, who were advised by Blake Dawson.

The Blakes team comprised Sarah Dulhunty, Corey Lewis, Michelle Shek, Laura Ljubanovic and James Parkin.

Freehills and Minter Ellison acted for CPA.

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