GARDA Capital internalization proposal from GARDA Diversified Property Fund
Clients GARDA Capital Limited
Jones Day is advising the GARDA Capital Group, which has entered into a scheme implementation deed with the GARDA Diversified Property Fund (the "Fund") pursuant to which the Fund proposes to internalize its current external manage functions and create a new diversified property group. GARDA Capital Group is an ASX-listed stapled entity comprising GARDA Capital Limited ("GCL") and GARDA Capital Trust ("GCT") that provides fund management services, including to the Fund. The Fund is an ASX-listed real estate investment trust. Under the scheme implementation deed, the Fund and GARDA Holdings Limited ("GHL"), a newly established company to be stapled to the Fund, will acquire GCL by way of a scheme of arrangement and acquire GCT by way of a trust scheme. The Fund and GHL, when combined with GARDA Capital Group, will ultimately form a newly listed stapled group called GARDA Property Group, which will own and manage an integrated real estate platform comprising 17 industrial and commercial properties on the Australian east coast, valued at approximately AUD$404 million (US$272.7 million).