Ashurst has acted as the legal adviser to Australian Unity Investment Real Estate Limited (AUIREL) as the responsible entity for Australian Unity Office Fund (AOF) on a fully underwritten accelerated non-renounceable entitlement offer to raise approximately A$50 million (Entitlement Offer).

Under the Entitlement Offer, eligible unitholders in AOF are invited to subscribe for 1 new ordinary unit for every 6.25 AOF units held at the record date. The Entitlement Offer is being underwritten by Credit Suisse (Australia) Limited and UBS AG, Australia Branch. The fixed issue price of A$2.23 per unit represents a 1.8% discount to the last traded price on 9 October 2017.
 
The proceeds of the Entitlement Offer together with an extension of AOF's debt facilities of A$70 million over 5 years, will be utilised to fund AUIREL's acquisition of the office property located at 150 Charlotte Street, Brisbane.
 
The team was led by partner Sarah Dulhunty (Corporate), and included senior associate Scott Lai, lawyers Kristen Wong and Sagar Sritharan and graduate Sarah Yang (Corporate); with partner Jock O'Shea and counsel Nichola Shaw (Global Loans).