Herbert Smith Freehills has advised AMP Capital Funds Management Limited, the responsible entity of AMP Capital Diversified Property Fund (ADPF) on its stapling merger with Dexus Wholesale Property Fund (DWPF).
As part of the stapling merger, AMP Capital Funds Management Limited will be replaced by Dexus Wholesale Property Limited as responsible entity of ADPF, and ADPF unitholders will have access to a special liquidity facility funded by the sale of certain ADPF assets and, at the conclusion of the special liquidity facility, which is expected to be 18 months after the change of responsible entity, ADPF and DWPF will be combined via stapling to form a large diversified wholesale property fund which is expected to have approximately A$13.4bn in core real estate assets.
The parties have entered into an implementation agreement and the transaction is subject to relevant approvals by both ADPF and DWPF unitholders.
The Herbert Smith Freehills team was led by partner Fiona Smedley and included partners Rebecca Maslen-Stannage and Erin Wakelin, consultant James Graham, senior associate Yorick Ng, and solicitors Nicholas Gerovasilis, Hiroko Ito, and Hartley Spring.
Fiona Smedley said, “We are delighted to have had the opportunity to work with the independent board committee of the responsible entity of ADPF on this complex and unique transaction, and that the responsible entity of ADPF is now in a position to put a proposal to the vote of ADPF unitholders.”