Challenger launches new listed property vehicle
Challenger Financial Services has announced that it is launching a new listed property vehicle to be known as the Challenger Diversified Property Group (CDGP), with the intention of listing it on the Australian Stock Exchange.
The company has said it is seeking to raise $326.7 million through the issue of 326.7 million units in the offer, with Challenger having already subscribed for an additional 208.9 million units.
It said it would be using the proceeds of the offer and the challenger subscription, together with debt, to acquire an interest in a high quality, diversified portfolio of Australian office, industrial and retail properties for a purchase price of $637.7 million from Challenger.
The company said the launch of CDGP was consistent with Challenger’s asset management strategy to establish and co-invest in both listed and wholesale investment vehicles across property, infrastructure and alternative asset classes.
AUTHOR
Mike Taylor
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