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.