News: CHC UPDATE 1-Charter Hall-managed partnership to buy Irongate Group for $908 mln

(Adds details of deal, background)

March 30 (Reuters) - Australia's Charter Hall Group (CHC) said on Wednesday it has entered a deal to buy real estate investor Irongate Group (IAP) for A$1.21 billion ($908.83 million).

Under the deal, Irongate shareholders will get to keep a dividend of up to 4.67 Australian cents per security for the period ending March 31.

A partnership between Dutch pension fund PGGM and Charter Hall first lobbed the A$1.90-a-share offer in late January. The bid had then been 21% higher than the stock's previous close.

Since then, shares of Irongate have surged about 20% to hover near record levels, while Charter Hall's shares have inched 1.5% lower.

Under the deal, Charter Hall will own a 12% stake in the partnership, with PGGM owning the rest, the statement said.

The consortium also agreed to sell three Irongate properties to Australian investment firm 360 Capital (TGP) for A$256.7 million shortly after the deal.

The Australian property group rejected three offers from 360 Capital over the past year, with the latest offer of A$1.72 per share falling short of the Charter partnership's bid.

The deal follows a six-week exclusivity period after Irongate opened its books to let the bidding party do a due diligence after receiving the offer.

($1 = 1.3314 Australian dollars)