A$56m Equity Capital Raising and A$87m Term Loan and Deferred Payments to Finance the Acquisition of Perth Markets
In March 2016 Perth Markets Limited (“PML”), a consortium led by the Chamber of Fruit and Vegetable Industries, successfully completed the acquisition of WA’s largest wholesale fruit and vegetable market, Market City, from the Government of Western Australia for $135.5 million, including a $56.4 million equity capital raising. The capital was sourced from a diverse group of industry investors including growers, wholesalers, industry groups and other national market operators. Market City is situated on a 51 ha parcel of freehold land located in Canning Vale.
PML also secured debt facilities of $77.3 million from the NAB to fund the acquisition and working capital requirements as well as arranging a $10m deferred vendor finance payment due to the State.
Azure advised PML on all aspects of the financing from initial engagement with potential lenders, structuring of the funding and negotiation of the facility agreement and acted as lead manager to the capital raising process.