Australia: Norton Rose Fulbright advises on €310m placing and admission of Green REIT plc
Last Updated: 27 July 2013

Global legal practice, Norton Rose Fulbright has advised JP Morgan Cazenove and Davy as joint sponsors and bookrunners in relation to the €310million initial public offering of newly-incorporated Irish property investment company, Green REIT plc (Green REIT).

Green REIT (Real Estate Investment Trust) has listed on the premium segment of the London Stock Exchange and the Irish Stock Exchange, making it the first main market listing of an Irish company in Ireland for over five years. Green REIT is also Ireland's first real estate investment trust.

The offer was made by way of institutional placing in the UK, Ireland, Australia and in the US. Additionally, the management team and an entity managed by Pacific Investment Management Company LLC or its affiliates (as cornerstone investor) each subscribed for ordinary shares.

The placing attracted strong interest from a broad range of international institutions, and was over-subscribed, raising over €100 million above its original €200 million target.

The cross-border Norton Rose Fulbright team advising on this transaction was led by Mark Lloyd Williams, Tom Vita and Jason Moss supported by Sarah McKellar, Amy Reed, Robert Hatton, Jaycen Liao, and Kirsten Anderson.

Tom Vita, US securities partner comments:

"As the first IPO in Ireland of an Irish company in over five years, this is a significant transaction for the Irish market and the European equity capital markets more generally. The fact that the placing was oversubscribed shows promising appetite for investment and is encouraging for certain Irish companies seeking to raise capital."

Mark Lloyd-Williams, corporate partner comments:

"We are delighted to advise longstanding client JP Morgan and Davy on Green REIT's initial public offering. This is another in a string of fund IPOs that our team has worked on in recent months, which is further indication of the growing strength in the London market.

"This transaction also highlights our leading position in relation to REITs, having acted on a number of firsts for the market including the first conversions to REIT status when the UK rules came into force and on the first newly listed fund in the UK, Local Shopping REIT."

The Norton Rose Fulbright team also included Peter Snowdon, Kennedy Masterton-Smith (financial promotions) and Ed Denny (tax). Australian securities law advice was provided by Iain Laughland and Katie Hegarty in Sydney. In New York, Michael Flamenbaum and Sheldon Elefant provided US tax advice and Alan Aronson provided US ERISA advice.

Norton Rose has recently acted on a number of major IPOs including Crest Nicholson on its £553 million IPO, Starwood on its £228 million real estate debt fund and for the joint bookrunners in Redefine's £127m secondary offering. The practice also has significant REIT experience including acting for ING Real Estate on the first takeover of a REIT by a non-REIT and acting for Workspace Group on its conversion to REIT status, and on its £80m rights issue - the first rights issue by a UK REIT.

Investec Capital & Investments (Ireland) acted as co-lead manager on the placing.

McCann FitzGerald advised JP Morgan Cazenove and Davy on Irish law aspects. Arthur Cox and Ashurst advised Green REIT.

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