Herbert Smith Freehills is advising Investa Office Fund (IOF) on its proposed A$2.52 billion acquisition by the DEXUS Property Group (DEXUS). If successful, the acquisition will create a combined entity with a total of A$23.4 billion in assets under management.
IOF is an ASX-listed real estate investment trust (A-REIT) with a total of A$3.1 billion in assets and 22 investments located throughout Australia.
The acquisition proposal, which offers IOF shareholders 0.4240 DEXUS securities and A$0.8229 cash for each IOF share held, is to be implemented by way of a trust scheme. IOF shareholders are expected to vote on the proposal in April 2016.
Herbert Smith Freehills has acted on a number of transformational deals for listed A-REITs, including the internalisation of the management of the CFS Retail Property Trust and the sale of the management rights in respect of the Commonwealth Property Office Fund.