Shareholders of Folkestone Ltd. approved Charter Hall Group's A$205 million takeover proposal.

The offer was supported by 99.60% of the total 107,412,564 votes cast during the Oct. 17 meeting, according to a news release.

The scheme implementation agreement will be heard in the Australian Federal Court Oct. 22. Once approved by the court, the targeted real estate funds manager and developer will seek approval from the Australian Securities and Investments Commission the next day to formalize the deal.

The scheme is expected to take effect Nov. 7, and payment for the A$1.39-per-share consideration will also take place on the same day. Delisting of Folkestone's shares from the Australian Stock Exchange is set to follow on Nov. 8. If all goes according to plan, the merger will be completed early November and give birth to a new entity that will manage more than A$24.80 billion of funds.