AU grants due diligence access to Abacus and Charter Hall
Australian Unity Investment Real Estate (AUIREL), a responsible entity (RE) of the Australian Unity Office Fund (AOF), has decided to engage further with the consortium of an entity associated with Abacus Property Group (ABP) and Charter Hall Group (CHC) which submitted a non-binding proposal to acquire all of the issued units in AOF.
Further to that, AUIREL set up the independent board committee to consider the proposal which decide to provide the consortium with due diligence access on a non-exclusive basis which would run for a period of up to four weeks from today, it said.
Under the proposal, the consortium would acquire the remaining units in AOF, which it did not already hold, for $3.04 cash per unit.
According to Australian Unity, the proposal offered an opportunity for AOF unitholders to receive certain cash proceeds for their investment, with unitholders who supported the initial public offering (IPO) of AOF in June recognising:
- 52 per cent premium to the IPO price
- 75 per cent total unitholder return, and
- 20 per cent internal rate of return
AUIREL would be advised by UBS AG, Australian Branch as financial adviser and Ashurst as legal adviser.
AUTHOR
Oksana Patron
Recommended for you
Betashares is to merge its managed account business with InvestSense to form a purpose-built option for financial advisers, forecasting a positive outlook for future industry growth.
With fund managers using ETFs as a way to reach the adviser market with a diversified product range, Betashares has shared how many ETFs were listed and closed during the first half of 2025.
Platinum Asset Management’s head of investment, Douglas Isles, has departed the fund manager after 12 years as the firm reshapes the business amid a merger with L1 Capital.
Investment consultancy Ascalon Capital has looked to research houses for hires, appointing one each from Zenith and Lonsec while Zenith has made an internal promotion.
