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.
Recommended for you
In the latest Meet the Manager profile, Money Management speaks with Michael Skinner, founder and managing director at Blackwattle Investment Partners.
Perpetual has seen AUM rise 6 per cent in the last quarter but the departure of a longstanding JOHCM fund manager led to outflows of $2.2 billion from his strategy.
Global fixed income fund Bentham Global Opportunities has been added to several major platforms, enabling it to be accessed more easily by financial advisers.
Following yesterday’s news about First Sentier Investors closing four investment teams, a second global asset manager has announced it is closing its only dedicated Australian fund.