Gadens Lawyers congratulates ING Real Estate on the successful restructure of the ING Real Estate Entertainment Fund (ASX:IEF), approved this morning by IEF’s unitholders. IEF is a listed pub fund with a portfolio of pubs across Australia and New Zealand.
This transaction is part of ING Real Estate’s planned withdrawal from the Australian REIT market.
The restructure will result in ING Management Limited being replaced as responsible entity of IEF by Bodiam RE Limited, a wholly owned subsidiary of Torchlight, one of IEF’s major unitholders. As part of the agreement reached with Bodiam RE Limited, Torchlight has committed to fully underwrite a $15 million pro rata rights issue or entitlement offer by 31 March 2012.
“Gadens Lawyers has been an integral part of our team guiding the Fund through refinancings, re-capitalisations and now restructuring” said Daniel Hargraves, the CEO of IEF. “They have a deep understanding of the REIT sector, the pub industry and all aspects of our business”.
Gadens Lawyers Partner, Paul Brown, said “We are proud to be associated with ING Real Estate and its various REITs and wish all the best for IEF and its new management”.
The ING Real Estate legal team was led by General Counsel, Sarah Wiesener, supported by Gadens Lawyers Partner, Paul Brown and including Michael Mellon, Niva Yoganathan (Corporate), Vicki Grey (Funds Management), David Morgan (Banking and Finance), John Grimble and Kate Freeman (Property) and Cameron Steele (Stamp Duty).
Sarah Wiesener said “The thing I like about working with the Gadens Lawyers team is the way they work as an extension of our business, rolling their sleeves up to get the job done with a down to earth yet professional attitude.”
Gadens Lawyers has acted for each of ING Real Estate’s listed and unlisted REITs including on over $1.5 billion in capital raisings in the last three years.
Baker & McKenzie acted for Bodiam RE and Torchlight and Freehills acted for IEF’s senior financiers.
For more information on Gadens Lawyers’ involvement please contact:
For more information contact:
Lindy McDonell
Communications Executive, Gadens Lawyers
T 02 9035 7125
M 0411 154 520
E lmcdonnell@nsw.gadens.com.au