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Charter Hall in talks to acquire Australian Hastings

25 July 17 - RE+D Magazine
Charter Hall in talks to acquire Australian Hastings

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Antulio Richetta

Director IBI Group
Charter Hall Group has entered into exclusive discussions to acquire the leading Australian infrastructure manager Hastings Funds Management from its parent company, Westpac Bank.

 

According to realestate.ipe.com, Hastings has been on the market for 18 months, with various parties – including TIAA CREF and MassMutual Financial Group – among those to have expressed an interest.

Observers said these negotiations failed because of the asking price for the infrastructure manager, which has lost a number of key executives in recent months.

Charter Hall Group, manager of approximately AUD19bn in prime Australian real estate, said in the joint statement that it believed the proposed sale provided an attractive expansion opportunity for the company across real assets.

Hastings has operated for more than 22 years. It is headquartered in Australia, with offices in Melbourne, Sydney, London, New York, Singapore, and Seoul.

Its 100 staff are responsible for roughly AUD14.3billion.

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