Allens advises Woolworths on property spin-off
16 October 2012
Allens has advised long-standing client Woolworths Limited on a matter that will see the supermarket giant establish property fund spin-off Shopping Centres Australasia Property Group.
The listed real estate investment trust will own a portfolio of 69 shopping centres in Australia and New Zealand, which have been independently valued at approximately A$1.4 billion.
The shopping centres have been developed or redeveloped by Woolworths and have Woolworths as an anchor tenant.
According to Partner Stuart McCulloch, who led the Allens Corporate team on the matter, the SCA Property Group will be spun-off from Woolworths through the distribution of Stapled Units in SCA Property Group to Woolworths shareholders via an equal capital reduction.
'The reduction is to be approved at the Woolworths AGM on 22 November,' Mr McCulloch said.
'In conjunction with the distribution, SCA Property Group is conducting an offer of stapled units to raise between $425 million and $506 million.
'The capital raising involves a retail offer in Australia and NZ, and an institutional bookbuild open to institutional investors in Australia, NZ and certain other foreign jurisdictions.'
According to Partner Paul Newman, who led the Allens Property team on the matter, Allens advised Woolworths on the establishment of the new REIT, the capital distribution and the capital raising by SCA Property Group to raise up to A$506 million.
'The matter involved lawyers from the firm's Sydney, Melbourne and Brisbane offices,' Mr Newman said.
'We enjoyed working with the Woolworths team to deliver this property spin-off.'
|Allens legal team||Stuart McCulloch (Partner – Sydney), Paul Newman (Partner – Brisbane), Jon Webster (Partner – Melbourne), Greg Bosmans (Partner – Melbourne), Penny Nikoloudis (Partner – Sydney), Adrian Chek (Partner – Sydney), Mark Kidston (Partner – Sydney), Michael Graves (Partner – Melbourne), Derek Heath (Consultant – Sydney), Bill McCredie (Partner – Brisbane), Meg Lee (Special Counsel - Melbourne), Rosanne Meurling (Special Counsel - Brisbane), Eve Lynch (Senior Associate - Brisbane), Trent March (Senior Associate - Sydney), Kate Towey (Senior Associate – Sydney), Paul Santamaria (Senior Associate – Melbourne), Alister Fitzgerald (Senior Associate – Brisbane), Damon Angus (Senior Associate – Sydney), Penelope Barclay (Senior Associate – Sydney), Gaurav Patel (Senior Associate – Melbourne), Jacqui Roper (Senior Associate – Brisbane), Jayne Fullerton (Senior Associate – Sydney), Annabelle Aland (Senior Associate – Brisbane), Angela Murphy (Senior Associate – Brisbane), Mariaan de Beer (Senior Associate – Melbourne), Elizabeth Lee (Lawyer – Sydney), Leesa Vanmali (Lawyer – Sydney), Victoria Moore (Lawyer – Sydney), Jonathan Dillon (Lawyer – Sydney), Christine Lui (Lawyer – Melbourne), Sylvia Arzey (Lawyer - Sydney), Patricia Abordo (Lawyer - Sydney), Tania Liu (Lawyer - Perth), Madonna Griffin (Lawyer - Brisbane).|
- Susan CowenCorporate Affairs Adviser,
Ph: +61 3 9613 8374
Notes for editors.
Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 36 offices in 27 countries around the world.