Charter Hall and Abacus to buy AOF
Charter Hall Group and Abacus Property Groups have announced that CHAB Office, as trustee of CHAB Office Trust (CHAB), has entered into a binding scheme implementation agreement (SIA) to acquire all the units in the Australian Unity Office Fund (AOF) that it does not already hold for $3.04 cash per unit.
Under the terms of the agreement, this price would be further reduced by any distribution announced or paid before the completion of the transaction other than the 3.95 cents per unit distribution announced on June 21, 2019.
The company said that the scheme was unanimously recommended by the independent board members of Australian Unity Investment Real Estate, as responsible entity (RE) of AOF.
The scheme was conditional and would require the approval by the requisite majorities of AOF unitholders.
At the same time, Charter Hall said it would fund its share of the AOF portfolio through an established wholesale partnership which would acquire Charter Hall’s interest in AOF while Abacus would fund its share from existing cash and debt facilities.
AUTHOR
Oksana Patron
Recommended for you
AUSIEX has announced it will acquire FIIG, a specialist fixed income provider with $4.5 billion in funds under advice.
Platinum Asset Management has announced it is in discussions with a global alternatives fund manager regarding a possible merger to create an $18 billion firm.
JP Morgan Asset Management has appointed an ETF specialist from Vanguard as it seeks to expand its ETF range.
The alternative asset manager has expanded its Singapore office with a head of Asian distribution, representing a “critical step” for the Asian business, where it is seeking to launch new offerings.
