MEAG MUNICH ERGO Asset Management GmbH signed an agreement to acquire Victorian Plantation Estate and Greenfield Commitment from Midway Limited for approximately AUD 150 million.

MEAG MUNICH ERGO Asset Management GmbH signed an agreement to acquire Victorian Plantation Estate and Greenfield Commitment from Midway Limited (ASX:MWY) for approximately AUD 150 million on May 12, 2022. The transaction is subject to and conditional upon approval by the Foreign Investment Review Board. The Midway project team was led by Mitch Morison and the General Manager, Plantations, Glen Samsa.

Azure Capital acted as financial advisor and SBA Law acted as legal advisor to Midway Limited. The Foreign Investment Review Board (FIRB) has approved the sale by Midway Limited of 17,000 hectares of existing brownfield hardwood plantations in south-west Victoria to a special purpose vehicle managed by MEAG. FIRB approval was the only material condition for the transaction, the first tranche of which will settle on October 18, 2022.

FIRB approval was subject to commercially satisfactory conditions on the nature and location of the land to be acquired and the amount of land to be acquired over the next five years. This announcement has been approved by the Midway Board of Directors. As of October 19, 2022.

the deal was partially completed.