Allens has advised Morgan Stanley Infrastructure Partners (MSIP) on its proposed acquisition, alongside consortium members Link Administration Holdings Limited and Commonwealth Bank of Australia, of Property Exchange Australia Limited (PEXA), the national real estate transaction settlements exchange.
As part of the transaction, it is proposed the consortium will acquire 100 per cent of PEXA for an enterprise value of approximately $1.6 billion. The acquisition was selected over a proposed IPO as the preferred exit pathway for PEXA's selling shareholders.
'PEXA is a rapidly evolving and very exciting digital infrastructure asset. The transaction extends the trend of institutional investments into digital infrastructure opportunities in Australia.
'The transaction also marks MSIP's first investment in Australia, which we are very proud to support,' Lead Partner Emin Altiparmak said.
Headquartered in New York, MSIP is a leading global infrastructure platform pursuing a global OECD strategy. PEXA was born out of a meeting of the Council of Australian Governments (COAG) in 2008, which championed the initiative to move to a nationwide 100 per cent electronic real estate document lodgement and settlement system.
Completion of the transaction remains subject to certain conditions precedent.
Allens legal team
Corporate/Private Equity: Emin Altiparmak (Lead Partner), Tom Story (Partner), Noah Obradovic (Managing Associate), Joshua Hoare (Senior Associate) and John Jacob (Lawyer)
Banking & Finance: Tom Highnam (Partner), Rita Pang (Managing Associate) and Tim Sexton (Associate)
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 40 offices in 28 countries around the world.