Herbert Smith Freehills is advising UBS AG, Australia Branch and CIMB Capital Markets (Australia) Ltd in relation to their role as bookrunners and joint lead managers of Centuria Property Funds Limited’s (as Responsible Entity of Centuria Metropolitan REIT No.1 and Centuria Metropolitan REIT No.2 (together, the Stapled Funds)) initial public offering of stapled securities in the Stapled Funds (IPO) and listing on the Australian Securities Exchange (ASX). The offer consists of an institutional offer, broker firm offer and a priority offer (Offer) and is expected to raise approximately A$114.3 million.

The Stapled Funds are an Australian real estate investment trust (REIT) with a portfolio of office and industrial assets located throughout Sydney, Brisbane and Adelaide.

Centuria Property Funds Limited (as Responsible Entity of the Stapled Funds) lodged a Product Disclosure Statement for the IPO with the Australian Securities and Investment Commission on Tuesday 11 November 2014 with an indicative market capitalisation for the Stapled Funds of A$143 million (based on an offer price of A$2.00 per stapled security). The Stapled Funds are expected to list on the ASX on 10 December 2014.

The Herbert Smith Freehills capital markets team was led by partner Philippa Stone and senior associate Hemang Shah, assisted by solicitors Ben Robinson and Thomas Cooper.

Ms Stone said: “The Centuria IPO is another example of the strength of the property and real estate sectors and of the continuing support for the Australian IPO market in 2014. Herbert Smith Freehills is delighted to have acted for UBS and CIMB on this transaction.”

Centuria Property Funds Limited was advised by Henry Davis York.

Herbert Smith Freehills’ capital markets team is also currently acting for the Commonwealth government on the IPO of Medibank Private and has recently acted for The Carlyle Group and TPG on the $3.6 billion Healthscope IPO, Genworth Financial on Genworth Australia’s A$1.6 billion IPO, Japara Healthcare Limited on its A$525m IPO, SG Fleet on its A$454.2 million IPO, the PACT Group on its A$1.12 billion IPO, the McAleese Group on its A$166 million IPO, for the joint lead managers on Mantra Group’s $449m IPO, Spotless Group’s A$1.9 billion IPO, Veda’s A$1.05 billion IPO, OzForex Group’s A$439 million IPO, for the sole lead manager on National Storage REIT’s A$240 million IPO and for the joint lead managers on iSelect’s A$215 million IPO and for Calibre Group on its A$477 million IPO.

Herbert Smith Freehills’ Australian capital markets team has also recently acted for Arrium Limited on its A$754 million entitlement offer, Greencross Limited on its A$120 entitlement offer, the sole lead manager on Aveo Healthcare Limited’s A$232 million entitlement offer, for the sole lead manager on ALS Limited’s A$246 million entitlement offer, for ASX Limited on its A$553 million entitlement offer and for Ten Network Holdings Limited on its A$200 million entitlement offer and its A$230 million entitlement offer.