AU grants due diligence access to Abacus and Charter Hall

17 July 2019

Australian Unity Investment Real Estate (AUIREL), a responsible entity (RE) of the Australian Unity Office Fund (AOF), has decided to engage further with the consortium of an entity associated with Abacus Property Group (ABP) and Charter Hall Group (CHC) which submitted a non-binding proposal to acquire all of the issued units in AOF.

Further to that, AUIREL set up the independent board committee to consider the proposal which decide to provide the consortium with due diligence access on a non-exclusive basis which would run for a period of up to four weeks from today, it said.

Under the proposal, the consortium would acquire the remaining units in AOF, which it did not already hold, for $3.04 cash per unit.

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According to Australian Unity, the proposal offered an opportunity for AOF unitholders to receive certain cash proceeds for their investment, with unitholders who supported the initial public offering (IPO) of AOF in June recognising:

  • 52 per cent premium to the IPO price
  • 75 per cent total unitholder return, and
  • 20 per cent internal rate of return

AUIREL would be advised by UBS AG, Australian Branch as financial adviser and Ashurst as legal adviser.

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