The portfolio comprised the remaining assets of Mirvac Industrial Trust, listed on the Australian Securities Exchange, and externally advised by Sydney based fund manager, Mirvac.
Absentee foreign management, and the loss from foreclosure of half their assets, lead to a decision to liquidate the Trust. Brennan was awarded the deal over Blackstone when we agreed to tender for the remaining shares, versus insisting on an asset sale. The transaction costs of the tender offer were offset by the sale of operating loss carry forwards.
Brennan broke up the portfolio selling its pieces in eight separate transactions to eight different buyers.
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