Ashurst has advised the mandated lead arrangers and bookrunners, lenders and agent on the A$1 billion financing for Viva Energy REIT Limited.

In 2014, Vitol SA acquired (through its Viva Energy Holding Pty Ltd SPV) Shell's Australian downstream business. As part of Vitol's second phase of its strategy for these assets, the lenders agreed to provide certain corporate and acquisition debt facilities to fund the spin off the service station real property assets into an ASX listed real estate investment trust (REIT).

The listing of Viva Energy REIT Limited represents the ASX's largest ever REIT IPO and when the stock hit the boards it was up 15% after the first day's trading. 

Ashurst advised:

* Mandated Lead Arrangers and Bookrunners (comprising Bank of America, N.A., Australian Branch, National Australia Banking Limited and Deutsche Bank AG, Sydney)
* Lenders (Bank of America, N.A., Australian Branch, National Australia Banking Limited and Deutsche Bank AG, Sydney, DBS Bank Ltd, Australian Branch, Mizuho Bank Ltd, Sydney Branch, Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited, Sydney Branch and BNS Asia Limited)
* Bank of America, N.A. (as Agent)

The financing transaction involved a large number of international banks and an extensive property and environmental due diligence component.

Lead partner on the transaction Steve Smith (Banking) comments: "Ashurst was delighted to be involved in such a signification transaction. It was a complex deal, comprising of extensive negotiation sessions with the sponsor. In light of the property and environment components and the complexity of the underlying contractual framework, there was some challenging legal analysis involved, but it was a pleasure to work on and a great deal to get across the line."

Steve was assisted by senior associate Chun-Wing Yeung, lawyers Beata Niezabitowski and Matthew Churkovich, with graduate Angela Chen (Banking); partner Vivian Chang and senior associate Marcus Ryan (Tax); partner Lisa Simmons and lawyer Jared Lynch (CCT); counsel Ann-Janette Reinhardt and lawyer Harry Stone (Property); and partner John Briggs (Environmental).