Australia-listed REIT Irongate Group (IAP) has received a A$1.29 billion ($901.45 million) takeover bid from a partnership managed by property investor Charter Hall Group and Dutch pension fund PGGM.
PGGM and Charter Hall have signed a memorandum of understanding with 360 Capital, which will acquire certain assets within IAP’s portfolio, IAP’s funds management business and IAP’s co-investment stake in the ITAP Fund if the partnership is successful in acquiring IAP. The indicative proposal is not conditional upon 360 Capital completing the acquisitions, meaning that the partnership will retain responsibility for funding the indicative proposal.
