Friday, March 16, 2012

Consortium wins shareholder approval to buy out Australian property trust

SINGAPORE : A consortium comprising the Government of Singapore Investment Corporation (GIC), Canada's Public Sector Pension Investment Board of Canada and Australia's Charter Hall Group has won over 95 per cent shareholder approval to buy out Charter Hall Office REIT (CQO), an Australian property trust.


According to a filing with the Australian Securities Exchange (ASX), Reco Ambrosia, an affiliate of GIC, will pay approximately AUS$384.56 million for a 42.5 per cent stake in CQO.


The Public Sector Pension Investment Board of Canada and Australia's Charter Hall Group will hold 42.5 per cent and 15 per cent stakes in CQO respectively.


CQO will be privatised and renamed Charter Hall Office Trust.


CQO's Australian portfolio was valued at AUS$1.84 billion as of 31 December 2011.


Kerry Roxburgh, chairman of Charter Hall, said: "The past year has presented a number of external challenges for CQO."


View the original article here


Source From Channel News Asia

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