Blackwall Revalue Assets and Announce Strategic Acquisition

28 February 2019

The pending sale of the $380M Bakehouse Quarter to Yuhu Group will release a significant windfall to the Kirela Development Unit Trust (managed by Blackwall).


In August 2018, Blackwall announced that it was preparing an offer for Kirela investors to move over $100M of the sale proceeds into the Blackwall Property Trust REIT (BWR).


Blackwall announced this week that they intend facilitate the transfer by making a takeover bid for Kirela on an NTA for NTA basis following the Yohu settlement.


Blackwall intend to release further information in December before an EGM in February. Yohu are due to settle in February also. In anticipation of the proposal, Blackwall have obtained a preference nomination from Kirela investors with respect to a split of cash & script.


The result of that nomination is that investors will receive approx $100M in script which will convert to cash upon settlement of the Yohu Sale.