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Charter Hall, Abacus form consortium for potential Australian Unity takeover

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Charter Hall, Abacus form consortium for potential Australian Unity takeover

Charter Hall Group and Abacus Property Group formed a consortium to acquire a 19.9% strategic interest in Australian Unity Office Fund for A$95.6 million.

The stake comprises 32,403,558 securities of Australian Unity priced at A$2.95 apiece.

The pair intend to initiate discussions with Australian Unity's responsible entity, Australian Unity Investment Real Estate Ltd., for the potential acquisition of the remaining units in the Australia-listed property fund that the partners do not already own. The two plan to make the offer as they deem that the target's portfolio of nine office properties in five Australian cities is consistent with their investment objectives.

If pursued, the takeover bid will be financed using equal contributions from Charter Hall and Abacus Property, the companies added.

Australian Unity was a takeover target of Starwood Capital Group before. It rejected the bidder's advances in November 2018 after Starwood reduced its buyout bid to approximately A$467.3 million from nearly A$480.4 million.