GARDA Capital internalization proposal from GARDA Diversified Property Fund

Client(s) GARDA Capital Limited

Jones Day advised the GARDA Capital Group, which entered into a scheme implementation deed with the GARDA Diversified Property Fund (the "Fund") pursuant to which the Fund internalized its current external management functions and created 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, acquired GCL by way of a scheme of arrangement and acquired GCT by way of a trust scheme. The Fund and GHL, when combined with GARDA Capital Group, ultimately formed a newly listed stapled group called GARDA Property Group, which owns and manages an integrated real estate platform comprising 17 industrial and commercial properties on the Australian east coast, valued at approximately AU$404 million.