Westpac has moved to sell its global infrastructure real assets business, Hastings Management.
The Charter Hall Group confirmed that the big banking group had entered into exclusive discussions with Charter Hall Group with respect to the proposed sale.
Hastings represents Westpac’s global infrastructure real assets business and currently has around $14.3 billion in funds under management and employs around 100 people.
The Charter Hall announcement to the Australian Securities Exchange said any binding arrangements in relation to the proposed sale and purchase remained subject to completion of due diligence, regulatory and board approvals.
It said a further update will be provided following the outcome of negotiations between the two parties.
