(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)
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Last
$20.31 |
Change
0.100(0.49%) |
Mkt cap ! $9.578B | |||
| Open | High | Low | Value | Volume |
| $20.14 | $20.35 | $20.10 | $8.523M | 420.5K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 14 | 1204 | $20.30 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $20.31 | 895 | 6 |
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