King & Wood Mallesons (KWM) is acting for Dexus, Sydney’s largest office landlord, on its $500m institutional placement.
The placement, fully underwritten by Goldman Sachs Australia and Macquarie Capital, will be used to partly fund up to about $739m of property acquisitions, the global law firm said. Dexus plans to undertake a non-underwritten security purchase plan for eligible Securityholders in Australia and New Zealand when the institutional placement closes.
KWM fielded a team led by mergers and acquisitions partners Susan Hilliard and David Friedlander, who were supported by senior associates Daniel Natale and Amanda Isouard. Solicitors Anna Chen, Robert Garritano, and Dylan Moloney also assisted.
Dexus is a long-standing client of KWM, with the global firm advising the property company on equity capital raisings in 2008, 2009, and 2015. It also advised Dexus on international and domestic debt capital raisings and acquisition of the Commonwealth Property Office Fund, with its capital partner, in 2014.
Dexus recently agreed to buy a 25% stake in the MLC Centre at 19 Martin Place in Sydney for $361.3m. Dexus Wholesale Property Fund also agreed to buy 25% for the same price. Dexus also bought the complex at 100 Harris St. in Pyrmont for $327.5m.
The Dexus group recently sold its A-grade tower at 105 Phillip Street in Parramatta to two Charter Hall Group funds. The deal, which was valued at $229m, also involved KWM, which advised Charter Hall.
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