Irongate Group targeted by Charter Hall managed partnership
Real estate investment manager Irongate Group (IAP) has been approached about a takeover proposal by Charter Hall managed partnership, comprised of Dutch pension fund PGGM and property group Charter Hall.
This was an indicative proposal to acquire all of the stapled securities in IAP for $1.90 cash per stapled security.
The proposal also included a memorandum of understanding (MoU) with IAP’s largest securityholder, 360 Capital, which included standstill and exclusivity provisions in favour of the partnership.
Under the terms of the proposal, 360 Capital would acquire certain assets within IAP’s portfolio, IAP’s funds management business and IAP’s co-investment stake in the ITAP fund if the partnership was successful in acquiring IAP, the company said in the announcement made to the Australian Securities Exchange (ASX).
At the same time, it was made clear that the indicative proposal was not conditional upon 360 Capital completing the acquisitions which would mean that partnership would retain responsibility for funding the proposal.
The partnership of Charter Hall and PGGM would fund the proposal from existing financial resources, including existing cash and undrawn and new debt facilities, and both entities had already received approvals from their relevant board and investment committees to pursue the transaction.
Irongate Group, which specialises in multi-sector property investment and asset management in Australia and New Zealand, has its origins as Investec Group’s Australian and New Zealand property investment and asset management business.
AUTHOR
Oksana Patron
Recommended for you
With active ETFs becoming the latest choice as fund managers target the retail audience, their high fees may be a detractor as research finds investors are shunning those priced any higher than 50 bps.
The possibility of a dissenting vote from shareholder L1 Capital has led Platinum Asset Management to scrap its conversion plan for the $450 million Platinum Capital LIC into an ETF.
Family office Lederer Group has made an off-market takeover bid for ASX-listed Elanor Commercial Property Fund, with chair Paul Lederer taking exception at the firm’s lack of accountability, oversight and transparency.
Janus Henderson is actively seeking to partner with private wealth firms in Australia as it looks to expand its number of strategic partnerships, as well as focus on retirement income product development.
