Keppel complete AOF Responsible Manager JV1 March 2020
Australian Unity Investment Real Estate Limited, the Responsible Entity of AOF advised the market in late January that it had agreed to sell all it shares to a JV entity between subsidiaries of Australian Unity and Keppel Capital Holdings Pte. Ltd. Keppel paid just $400,000 for the rights.
Australian Unity advise that the conditions precedent to the change of ownership have been satisfied and the sale of all the shares to the JV Co has now been completed.
The joint venture will expand the range of assets and funds available to investors in the Australian metropolitan office property sector.
Mr Mark Pratt, Executive General Manager, Property of Australian Unity’s Wealth & Capital Markets business said, “Keppel Capital is a logical and compelling joint venture partner for Australian Unity. Keppel has demonstrable experience sourcing assets and capital that will supplement Australian Unity’s activities in the Australian metropolitan office sector. Keppel’s purpose of providing solutions for sustainable urbanisation also fits strongly with Australian Unity’s focus on the health, wealth and living of Australians.”
Starwood continue to hold hopes in acquiring the units in AOF who's board determined that their last offer proposal did not offer compelling terms and is expected to advise unitholders to reject the offer. Starwood are yet to respond.