21 May 2015
Clifford Chance advises Gateway Lifestyle on AUD$500 million IPO
Leading international law firm Clifford Chance has advised Gateway Lifestyle on its AUD$500 million initial public offering (IPO). Gateway Lifestyle is expected to be admitted to the Australian Securities Exchange with an official listing on 11 June 2015. The IPO is underwritten and managed by Macquarie and UBS.
Gateway Lifestyle is a market leader in the manufactured home estate (MHE) market. Since 2009, Gateway Lifestyle's portfolio has grown to 36 MHEs and is one of Australia's largest MHE operators, providing affordable living solutions to thousands of senior Australians.
The offer involved a restructure of the 36 MHEs into an integrated real estate ownership and management platform in one listed stapled entity.
Lead partner on the deal Lance Sacks said, "This transaction highlights the broad span of Clifford Chance's expertise across equity capital markets, funds and real estate sectors. Our insight and understanding of these areas has helped bring Gateway Lifestyle towards their IPO."
Mark Shipman, Head of Corporate for Asia Pacific added, "The strength of our work for clients with an equity capital markets focus is clearly evident. This proposed AUD$500 million IPO follows our advising role in Menulog's recent successful AUD$855 million sale to UK listed Just Eat."
Lance was assisted by partner Richard Graham, senior associate Hong-Viet Nguyen, and associates Angharad Lewis, Terence Kwong, Gabriel Baker and Charles Wehbe.