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AOF provide Abacus & Charter Hall with DD period on Office Fund

July 17, 2019

 

The independent board committee established by the manager of AOF has determined to engage further with Charter Hall and Abacus following their offer to acquire all of the units in AOD, providing them with a non exclusive due diligence period.

 

The proposed offer from Charter Hall and Abacus could see AOF unitholders who were part of the initial IPO of the fund in 2016 with cash proceeds equal to;

• 52% premium to the IPO price;

• 75% total unitholder return; and

• 20% per annum internal rate of return.

 

If a Scheme Implementation Agreement is agreed and entered into, documentation in relation to the proposal will then be provided to AOF unitholders with a meeting of AOF unitholders to consider and vote on the Proposal to follow.

 

Charter Hall and Abacus have now signed a confidentiality deed and will have a period of up to four weeks to conduct confirmatory due diligence on a non-exclusive basis on the portfolio which includes;

  • 30 Pirie Street, Adelaide, SA -  An A-grade office property, centrally located in Adelaide’s CBD. It comprises 23 levels of office space, with most floors enjoying scenic views of the surrounds. 

  • 150 Charlotte Street, Brisbane, QLD - A modern A-grade office building in the heart of the Brisbane CBD, adjacent to the ʹGolden Triangleʹ. It sits in close proximity to major bus, ferry and train networks and the Queen Street Mall shopping precinct. 

  • 241 Adelaide St, Brisbane, QLD - The property comprises basement car parking, retail tenancies and 19 levels of office accommodation. It is located in the Brisbane CBD, adjacent to Post Office Square.

  • 10 Valentine Ave, Parramatta, NSW - A modern office building located adjacent to the Parramatta Railway Station, the property comprises 14 levels of office space and basement parking and a future office development site.

  • 32 Phillip St, Parramatta, NSW - An office property located within the northern portion of the Parramatta commercial precinct. The property is in close proximity to the Church Street retail strip. 

  • 5 Eden Park Drive, North Ryde, NSW - Constructed in 2004, the property comprises three levels of office accommodation and a hi-tech production and warehouse area. It was purpose built for its major tenant, Contract Pharmaceutical Services Australia

  • 2 Eden Park Drive, North Ryde, NSW - A modern, unique property, completed in 1999, which comprises 16 units, incorporating office and warehouse components. It is located in the Macquarie Park business park, close to the railway station.

  • 64 Northbourne Ave, Canberra, ACT -  A six-level office property that is located in a central location on a prominent corner within the Canberra CBD.

  • 468 St Kilda Road, Melbourne, VIC - The property comprising 13 levels, with refurbishments carried out progressively since 2010. It offers contemporary office space, providing excellent views over Albert Park.

 

It is not clear what Abacus and Charter Hall intend to do with the portfolio. However a breakup and re-sale of non core assets akin to the Oxford transaction on the Investa Portfolio would be on the cards.

 

 

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