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.

The Herbert Smith Freehills team is being led by partner Tony Damian with support from consultant Jim Graham, executive counsel Nicole Backhouse and senior associate Nicole Pedler.

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.