Charter Hall completes Folkestone acquisition
Charter Hall and Folkestone have announced that the acquisition has been completed, with the scheme of arrangement between Folkestone and its shareholders having been implemented.
The implementation followed earlier approval by the Federal Court of Australia in October.
In August, Charter Hall first announced its plans to buy fellow property group Folkestone for $205 million, with the acquisition to be funded by cash from available investment capacity.
Folkestone also said that all its shares were transferred to Charter Hall, with shareholders receiving $1.39 per fully paid share comprising:
- the bidder consideration of $1.354 cash for each Folkestone share held on the scheme record date, being 31 October 2018,
- the special dividend of $0.036 in cash for each Folkestone share held on the special dividend record date, being 26 October 2018.
AUTHOR
Oksana Patron
Recommended for you
Nuveen has made its private real estate strategy available to Australian wholesale investors, democratising access to a typically institutional asset class.
VanEck is expanding its fixed income range with a new ETF this week to complement its existing subordinated debt strategy which has received $1 billion in inflows this year.
Specialist global equities manager Nanuk has celebrated 10 years of its flagship New World Fund and is actively considering its next possible vehicle.
Australian equities manager Datt Capital has built a retail-friendly version of its small-cap strategy for advisers, previously only available for wholesale investors.
