Charter Hall to pick up Mac Bank assets
(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.
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.
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