Charter Hall, Abacus sell 19.9% interest in AOF

Charter Hall, Abacus sell 19.9% interest in Australian Unity Office Fund

Charter Hall Group and Abacus Property Group Consortium announced that CHAB Office Pty Ltd acting as trustee for the CHAB Office Trust, an entity owned by the Consortium, has divested its 19.9% interest in Australian Unity Office Fund (AOF) for a total consideration of A$95.6 million, equivalent to $2.95 per AOF unit.

AOF is an ASX-listed REIT that wholly owns a diversified portfolio of nine office properties located across Australian metropolitan and CBD markets in Sydney, Adelaide, Melbourne, Brisbane and Canberra.

The Consortium remains fully committed to pursuing the previously announced trust scheme pursuant to which the Consortium would acquire all units in AOF (“Scheme”).

Steven Sewell, Managing Director of Abacus, and David Harrison, Managing Director and Group CEO of Charter Hall, commented: “The Scheme provides AOF unitholders with the opportunity to receive a certain cash price for their units at a significant premium to the pre-proposal trading price of AOF units and net tangible assets. The Consortium’s decision to sell AOF units prior to the Scheme Meeting, will provide the market the best opportunity to determine the outcome of the Scheme.”

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The Consortium notes that:

• AOF’s Independent Directors have unanimously recommended that AOF unitholders vote in favour of the Scheme in the absence of a superior proposal; and

• an Independent Expert has concluded that the Scheme consideration of $3.04 cash per AOF unit is fair and reasonable and in the best interests of AOF unitholders.