Winton Lands $350m With Assistance From Chapman Tripp

Chapman Tripp assisted residential land developer Winton Land Limited to raise $350m through an IPO (initial public offering) and to list on both the NZX Main Board and the ASX.

Winton has raised the most new capital for an NZX Main Board listing since 2013, with Winton having an implied market capitalisation of more than $1.1b. None of the existing shareholders sold any shares as part of the deal.

The proceeds will be used mostly to accelerate Winton’s strategy to undertake large development projects, including the Northbrook branded retirement villages and to fund future land acquisitions and development costs.

The Chapman Tripp team was led by partner Josh Blackmore with support from senior associate Philip Ascroft and solicitors Olivia Hyland and Harry Legget. Partner Mark Nicholson and senior associate Robbie Bennett advised on the property aspects of the transaction.

“Amid the uncertainty created by the pandemic, it was satisfying to help Winton finance an ambitious growth strategy and, in the process, to bring some new heft to the NZX Main Board,” Josh Blackmore said.

The IPO had a structure that we believe is unique for New Zealand, with a meaningful commitment from Macquarie Asset Management and commitments from a range of wealthy investors received prior to lodgement of the product disclosure statement, which reduced Winton’s risk in a turbulent market.

Winton’s General Counsel, Justine Hollows, said “we are grateful for the Chapman Tripp team’s expertise and their ability to adapt to rapidly changing transaction requirements. The dedicated support as we navigated the unchartered territory of an IPO was extremely valuable, and together we achieved a fantastic outcome for Winton within a very tight timeframe.”

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