Irongate Group has entered into a non-disclosure agreement with the Charter Hall and PGGM providing it with a period of exclusivity of approximately 6 weeks in order to convert its indicative proposal to a binding proposal.
Irongate said today that they had reached the decision following further discussions with Charter Hall.
The current indicative proposal from the Charter Hall Partnership is to acquire all of the stapled securities in IAP for A$1.90 cash per IAP stapled security plus IAP securityholders will be entitled to retain the distribution for the period ending 31 March 2022 (up to 4.67 cents per IAP stapled security).
Subject to negotiating a scheme implementation agreement on terms acceptable to IAP, no superior proposal emerging and an independent expert concluding that the Indicative Proposal is fair and reasonable to, and therefore in the best interests of, securityholders, the IAP Board intends to unanimously recommend that securityholders vote in favour of the Indicative Proposal.
Irongate Group, formerly known as Investec Property Group, manage approximately 36 properties valued at approximately A$1,590 million, predominantly via investment mandates with third parties, and via the ITAP Fund. The portfolio is geographically diversified with properties located in key markets across Australia and New Zealand. The majority of the Group’s exposure is to New South Wales, Victoria and Queensland, which represent 65% of the portfolio. Seventy per cent (70%) of the portfolio is in the Office sector and thirty per cent (30%) in Industrial sector with a combined WALE of 5.2 years.
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