David Eliakim

David Eliakim
David Eliakim is a partner in the Sydney office of King & Wood Mallesons. He specialises in mergers and acquisitions and equity capital markets advising a wide range of clients, including listed and unlisted trusts, stapled entities and hybrid debt/equity vehicles. David is ranked as a leading Australian investment funds lawyer by Chambers and Partners (2013 - 2020), as a leading capital markets lawyer by Who's Who Legal (2018 - 2021) and as a leading capital markets and private funds lawyer by Who’s Who Legal: Australia (2020). David has been peer selected for Best Lawyers in Australia (2015 - 2022) in the practice areas of: Corporate / Governance Practice, Corporate Law, Debt Capital Markets Law, Equity Capital Markets Law, Funds Management, High Yield Products, Investment Funds and Mergers and Acquisitions Law. David was also named by Best Lawyers in Australia (2021 edition) as 'Lawyer of the Year' for his work in Investment Funds and by Best Lawyers in Australia (2022) as 'Lawyer of the Year' for his work in High Yield Products. David was also ranked as a 'Notable Practitioner' in Capital Markets and M&A in IFLR1000's 2019 and 2020 rankings. 

David was formerly a lecturer on Hybrid Securities at the University of Sydney. David is also a member of the Corporations Committee of the Business Law Section of the Law Council of Australia.

"David Eliakim impresses clients with his "technical strength and reliability" and the "commercial approach" he takes with issues. He combines significant expertise in listed and unlisted trusts within his broader M&A practice and frequently advises major real estate and investment funds including Lendlease, Dexus and AMP Capital." - Chambers & Partners 2017

"He understands the timeframes and helps to facilitate a positive outcome; but he doesn't feel the need to dominate, but lets commercial people build it across the table." - Chambers & Partners 2015

Relevant Experience

Property M&A and funds transactions

  • GIC - $3.8 billion joint venture with ESR to acquire Blackstone's Milestone industrial portfolio (2021), investment alongside Partners Group in Salter Brothers managed fund (2021); $1.36 billion joint venture with Ampol over 203 convenience retail sites (2020), establishment of $2 billion industrial properties joint venture with Dexus and subsequent restructure (DALT) (2018-2020), $850 million investment in two ESR - managed Australian logistics funds (2020), $1.8 billion joint venture with Charter Hall in respect of Chifley Tower (2019), joint venture with Charter Hall to acquire Jessie Street (2019), several fund investments (2019).
  • Fife Capital - $850 million acquisition of portfolio of industrial assets from Blackstone on behalf of a managed fund (2021)
  • MA Financial - acquisition of Retpro property management business (2021)
  • Oxford Properties Group - sale to Oxford of Macquarie’s interest in the Investa platform and establishment of joint venture with Investa Commercial Property Fund (2020)
  • MIRA - establishment of tactical club fund (2020)
  • Lendlease - sale of 25% interest in Victoria Cross Metro Station (2019), joint ventures in respect of International House Sydney and Daramu House (2018), $500 million Melbourne University development (2017), $2 billion private fund (Tower 1, Barangaroo) and subsequent partial sell-down by Lend Lease Trust (2015).
  • Grocon - establishment of build-to-rent development fund (2017)
  • Brookfield - joint venture with AMP Capital and UniSuper for $1.8 billion development of Wynyard Place (2017)
  • Primary Health Care - joint venture with Australian Unity to establish healthcare fund (2015) 
  • DEXUS Property Group - joint venture with Future Fund to acquire a portfolio of industrial properties (2014)

Infrastructure M&A and funds transactions

  • Telstra - $5.8 billion joint venture with Future Fund-led consortium over Telstra’s tower portfolio (2021); $1.4 billion exchanges joint venture with Charter Hall (2019)
  • Westconnex - $11 billion sale of 49% interest (2021); preceded by $9.3 billion sale of 51% interest (2018) in State-owned toll roads, in both cases to Transurban-led consortium
  • Hastings Funds Management - change of manager of Utilities Trust of Australia and The Infrastructure Fund (2018)
  • Metronode - acted for underbidder on $1 billion sale by Ontario Teachers' Pension Plan (2017)
  • CIMIC - $860 million sale of CIMIC and Ontario Teachers' Pension Plan's interest in Nextgen (2016)
  • OPTrust - establishment of securitised rental receivables fund over tower assets (2016)
  • Palisade - establishment of Palisade Renewable Energy Fund (2016)
  • AMP Capital - restructure of AMP Capital Infrastructure Equity Fund (2016)
  • Qube and Aurizon - establishment of joint venture structure to develop and operate the Moorebank Intermodal Terminal (2015)
  • Crown Castle - acted for the underbidder on the $2 billion sale by Crown Castle and Todd Corporation of their Australian telecommunication towers business (2015)
  • Port of Newcastle - $1.75 billion privatisation by Hastings/China Merchant Group (2014)
  • Leighton Holdings - $885 million sale of telecommunications business to Ontario Teachers' Pension Plan (2013)
  • Port Botany and Port Kembla - acted for the underbidders on the NSW Government's $5 billion privatisation of this asset (2013)

Equity capital markets

  • Abacus Property Group - $402 million accelerated non-renounceable entitlement offer (2020) 
  • Ampol - $500 million subordinated notes offering (2020)
  • Payright - IPO (2020)
  • Goldman Sachs, Morgan Stanley and UBS - $1.15 billion placement and security purchase plan offer by Lendlease (2020)
  • oOh!media - $167 million jumbo placement and accelerated non-renounceable entitlement offer (2020)
  • KKR - IPO of $925 million listed investment fund (2019)
  • Costa Group - accelerated renounceable entitlement offer (2019)
  • amaysim Australia Limited - accelerated non-renounceable entitlement offer (2019)
  • SCA Property Group - $300 million placement and security purchase plan (2018)
  • APA Group - $500 million entitlement offer and redemption of subordinated notes (2018)
  • Cordish Dixon Private Equity Fund IV - fund establishment and $100 million capital raising (2018)
  • Evans & Partners Global Disruption Fund - IPO (2017)
  • Deutsche Bank and Morgan Stanley - $1.5 billion placement and share purchase plan for Santos (2016)
  • Macquarie Group - $400 million placement (2015)
  • Citi, Deutsche Bank and Bank of America Merrill Lynch - $1.3 billion accelerated entitlements offer for AGL Energy (2014)
  • CBA Equities - IPO of Affinity Education (2013)
  • Trust Company - IPO of National Storage REIT (2013)
  • APA - $475 million subordinated notes offer (2012)

Public M&A transactions and reorganisations

  • Starwood Capital - $485 million takeover bid for Australian Unity Office Fund (2020)
  • Brookfield Business Partners - $5.7 billion acquisition of Healthscope (2019)
  • Taurus - takeover bid for Realm Resources (2018)
  • CKI - $7.4 billion scheme of arrangement to acquire DUET Group (2017)
  • Devine - takeover defence following bid by CIMIC Group Limited (2015)
  • DEXUS Property Group - joint venture with Canada Pension Plan Investment Board in respect of takeover of $4 billion Commonwealth Property Office Fund (2013)
  • The Trust Company - $210 million scheme of arrangement by Perpetual (2013) 
  • Valad Property Group - $800 million acquisition by Blackstone by way of scheme of arrangement (2011)
  • Gold One - $690 million investment and takeover bid by Chinese SOE consortium (2011)
  • Brookfield Infrastructure - $1 billion scheme of arrangement for Prime Infrastructure (2010)

Other private M&A transactions 

  • amaysim - sale to Optus of its mobile business for $250 million; sale to AGL of its energy business for $115 million (2020)
  • Citigroup - $1.2 billion sale of consumer bank to National Australia Bank (2021); acquisition of Royal Bank of Canada's Australian custody operations (2020), $880 million acquisition of Coles credit card portfolio (2016)
  • Arrium - acted for Bekaert NV on its acquisition of Arrium's wire steel business and follow on joint venture with Ontario Teachers' Pension Fund (2015)


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