BrickX’s Replacement of its third-party responsible entity and trustee with a licensed BrickX entity


Gilbert + Tobin has advised BrickX on the transaction

The BrickX Platform consists of an online platform facilitating the acquisition and disposal by members of indirect interests in residential investment properties. Each residential investment property is held in a BrickX trust, a unit in which is referred to as a Brick.

Since launch in 2016, a professional (third-party) responsible entity and trustee responsible has been responsible for operating the scheme. In late 2017, BrickX commenced the process of varying its existing Australian financial services licence with a view to operating the BrickX Platform itself in the future. During 2018, BrickX (with Gilbert + Tobin’s assistance) made preparations to take over the responsible entity and trustee roles, subject to member approval. Gilbert + Tobin’s role included advising on a largely online meeting process for the 14,000+ scheme members to approve the change of responsible entity and trustee.

Gilbert + Tobin has advised BrickX with a team led by Peter Reeves (Picture) and including Georgina Willcock and Marcus Wong.

Involved fees earner: Peter Reeves – Gilbert + Tobin; Georgina Willcock – Gilbert + Tobin; Marcus Wong – Gilbert + Tobin;

Law Firms: Gilbert + Tobin;

Clients: The Brick Exchange Pty Limited;