Clifford Chance

Clifford Chance advises Scape Australia on transformational conversion of Scape Core Fund, merger of two property portfolios, and raising of over AUD1 billion across the Scape Australia platform

Global law firm Clifford Chance has advised specialist living sector real estate investment management firm Scape Australia on the conversion of the AUD1 billion Scape Core Fund, its flagship purpose-built student accommodation (PBSA) fund, into an open-ended pooled fund. Concurrently with conversion, two portfolios of PBSA properties were merged into the Scape Core Fund.

Clifford Chance also advised Scape Australia on its raising of over AUD1 billion of fresh equity commitments across its PBSA and build-to-rent platform from new and existing investors.

The project was led by partner Philip Podzebenko, counsel Johnny Karantonis and senior associate Ffion Williams.

Philip Podzebenko commented, "We at Clifford Chance are grateful to the Scape team for giving us the opportunity to advise it on a transformative project which sets Scape on the path to future development of its living strategy."

Johnny Karantonis, M&A lead on the project, said, "The sheer complexity of this project, which involved numerous transactions and stakeholders, showcases Clifford Chance's ability to assemble multidisciplinary teams that collaborate seamlessly across various jurisdictions."

Ffion Williams, funds lead, observed, "The conversion of the Scape Core Fund into an open-ended pooled fund allows Scape to provide enhanced flexibility for investors seeking to access an asset class experiencing rapid growth in Australia."

Philip, Johnny and Ffion were supported by partner Elizabeth Richmond, counsel Chloe Cheng, associates Siena Casgrain, Jianxiong Chen, Bridget Clarebrough, Henry Garing, Lisa Jiang, Tegan Kelly, Jae-Ho Kim, Michelle Ma, Sophia Ramer and Jacinta Wild, and graduates Vivian Lee, Isabel Lovisi, Susan Nelson, Kim Sho Young, Nicholas Tzortzis and Anjia Zhou.

Real estate sector transactions are a fast growing sector for Clifford Chance's Australian practice, with the firm having recently advised Partners Group on its acquisition of Australian data centre provider GreenSquareDC.