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Allens acts on proposed acquisition of Challenger Kenedix Japan Trust

10 December 2009

Allens Arthur Robinson (Allens) is acting for Challenger Life Company Limited (CLC) on the proposed acquisition of 100 per cent of the units in Challenger Kenedix Japan Trust (CKT) – valued at approximately A$157 million – which was announced on 9 December 2009. Under the proposed transaction, CKT unitholders will receive $1.00 cash per unit.

CLC is a wholly owned subsidiary of ASX-listed investment management firm Challenger Financial Services Group Limited (Challenger). CKT is an ASX-listed real estate investment trust which provides investors with exposure to a portfolio of Japanese retail properties.

The transaction is to be effected via a 'trust scheme' structure and is subject to CKT unitholder approval and satisfaction of certain other conditions. CKT directors have recommended the transaction in the absence of a superior proposal, with completion expected in early February 2010.

Allens Partner Tom Story, with Senior Associate Andrew Wong and Lawyer Chris Blane, advised CLC on the terms of the transaction. This involved providing advice on the optimal transaction structure and negotiating the transaction implementation agreement, having regard to the CKT's 'Tokumei Kumiai' (TK) structure via which CKT invests in the Japanese real estate market.

According to Mr Story: 'We needed to carefully consider the extent to which standard arrangements for trust schemes would be appropriate for this deal, given the complex nature of CKT's TK structure.'

Fort Street Advisers is acting as financial adviser to CLC on this transaction.

Ends

Allens legal team Tom Story (Partner – Sydney), Andrew Wong (Senior Associate – Sydney), Chris Blane (Lawyer – Sydney)

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Founded in 1822, Allens Arthur Robinson offers one of the most comprehensive legal networks in Australia and Asia with more than 1500 personnel based in 14 cities and eight countries across the region. Clients voted Allens Arthur Robinson the Best Professional Services Firm (revenue over $200 million) and Best Law Firm (revenue over $100 million) in the annual BRW Client Choice Awards 2005, 2006 and 2008. We have been an EOWA Employer of Choice for Women since 2004.