Arnold Bloch Leibler has advised Charter Hall on its successful A$760 million off-market takeover of ASX listed Hotel Property Investments Group.
Arnold Bloch Leibler is pleased to announce that it has successfully advised Charter Hall Wholesale Management Limited (Charter Hall) in its capacity as trustee of a Charter Hall managed trust, jointly owned by Charter Hall Retail REIT (ASX: CQR) (CQR) and Host-Plus Pty Limited, on its successful all-cash takeover bid for ASX-listed pub and hotel owner Hotel Property Investments Ltd (HPI), first announced to ASX on 9 September 2024.
The offer valued HPI at A$760 million and marks a significant milestone in Charter Hall’s strategic growth. The HPI board initially recommended securityholder reject the offer but changed its recommendation once Charter Hall moved through 50% ownership.
ABL’s team was led by Corporate and M&A partner Scott Phillips, with support from senior associate Cameron Sivwright, and lawyers Megan Hosiosky and Harry Campbell, together with Banking and Finance partner Stephen Sharp, senior associate Crosby Radburn, and Property partner Tyrone McCarthy and lawyer Dylan Feltham.
Citigroup Global Markets Australia Pty Limited and Barrenjoey Advisory Pty Limited acted as Australian financial advisors to Charter Hall.
Scott Phillips commented on the acquisition, saying: “This transaction is a rare example in the REIT space of a bidder being prepared to launch an offer without due diligence access and a board recommendation. The fact that CQR and Hostplus were prepared to proceed on this basis is a testament to their faith in Charter Hall’s capability and knowledge of the sector and the outcome is vindication of their strategy and conviction.”
The Charter Hall Group is one of Australia’s leading fully integrated diversified property investment and funds management group, with a market-leading A$83.4 billion diversified property portfolio. It has a long and successful record of creating and managing high-quality property portfolios across office, industrial, retail, and social infrastructure sectors. This milestone transaction enhances Charter Hall's high-quality portfolio, reinforcing its position as one of Australia's leading property groups.
CQR is a leading ASX listed REIT with investments across Australia and New Zealand specialising in owning and managing convenience-focused retail properties and shopping centres which is managed by the Charter Hall Group.
Hostplus is one of Australia’s largest industry super funds.
