Freehills and Allens Arthur Robinson have advised on an innovative $750m European raising for Westfield Trust - claimed as a first for an Australian listed property trust.

Allens partner Jon North led a team from the firm, together with "best friend" Slaughter and May, in advising Deutsche Bank on the Trust's $750m raising of exchangeable securities in Europe.

Freehills and Linklaters of London represented the Westfield Trust. The deal was completed in just over a month.

Under the transaction, Westfield Trust issued exchangeable securities to Deustche Bank, which in turn offered them to the public. The exchangeable security combines an unsecured note and a call option. The unsecured notes - unrated and unsubordinated - offer a five-year term and a competitive interest coupon of 10 basis points over floating rates.

The proceeds of the raising will be used to pay down existing bank debt and strengthen Westfield Trust's position in relation to future acquisitions and developments. Westfield Trust has about $4.7 billion in debt, at a gearing of about 36 per cent. The figure will not change with this raising.

Westfield Trust managing director Steven Lowy said the exchangeable securities raising was the largest public issue of its type by an Australian entity. "The raising will enable Westfield Trust to diversify its funding sources at an attractive margin," he said.

The Westfield Trust holds interests in 51 shopping centres in Australia and New Zealand with a total value of $12.4 billion.

Australian property trusts have become increasingly innovative with their financing, moving to commercial mortgage-backed securities and, more recently, the US bond market.