PGGM and Charter Hall Group (Partnership) made a proposal to acquire Irongate Group from 360 Capital REIT, 360 Capital Group Limited and others for AUD 1.3 billion.
The Indicative Proposal is subject to Completion of due diligence to the satisfaction of the Partnership, Final approval of the Partnership boards and investment committees prior to execution of an agreed scheme implementation Agreement (SIA), Execution of an SIA on customary terms and conditions including with respect to providing exclusivity and deal protection (including a break fee, no talk and no shop), JSE and other regulatory approvals, FIRB approval and The unanimous recommendation of the IAP Board. Charter Hall and PGGM have received approvals from their relevant Board and Investment Committees to pursue the transaction. The bid gives IAP, an enterprise value including debt of more than AUD 1.8 billion. Deals include the AUD 207 million acquisition of a half share in Paradice Investment Management, a listed equities fund manager, showing Charter Hall's ambitions are no longer limited by property. IAP Board intends to unanimously recommend that securityholders vote in favour of the Indicative Proposal. On July 5, 2022, second judicial advice by the Supreme Court of New South Wales has been issued. As per update on July 5, 2022, all conditions related to this transaction has been fulfilled. Accordingly, transaction has become unconditional. The implementation is planned on July 15, 2022.
Macquarie Capital (Australia) Limited and J.P. Morgan Securities Australia Limited acted as financial advisors and King & Wood Mallesons, Australia Branch and Cliffe Dekker Hofmeyr acted as legal advisors to IAP. Barrenjoey Capital Partners and Morgan Stanley (NYSE:MS) acted as financial advisors to Charter Hall. Citigroup Global Markets Australia Pty Limited acted as financial advisor to 360 Capital Group Limited (ASX:TGP). Clayton Utz acted as legal advisor to 360 Capital Group Limited (ASX:TGP). Ernst & Young Australia acted as financial advisor to Charter Hall Group (ASX:CHC).