(15 February 2010 – Australia) Charter Hall has announced plans to conduct a A$305 million equity capital raising to purchase a A$297 million stake, including management rights, of Macquarie’s real estate platform.Charter Hall said on Friday that it would use the capital raising to purchase the investment bank’s assets consisting of a 7.5 percent stake in Macquarie Office Trust and Macquarie Country Wide, and to also acquire a 3.5 percent holding in the unlisted Macquarie Direct Property Fund.
The property group will also pay A$108 million for the management rights of the groups and two other unlisted Macquarie funds.
The acquisition will be funded through a fully underwritten offer to raise A$195 million at A$0.65 per security.
They will also raise funds through an institutional placement aiming to raise A$25 million at A$0.70 and a placement to Macquarie at A$0.70 to raise A$85 million.