Charter Hall acquires fellow ASX-listed project developer Folkestone



Property



By Douglas Appell

· · Updated




Charter Hall Group, a Sydney-based property development and investment firm with more than A $ 23 billion ($ 16.8 billion) in assets under management, will be Sydney-based Folkestone, a property development and investment company with AUM of A $ 1.6 billion, for A $ 205 million, the two Australian listed companies announced Wednesday.

The proposed price of $ 1.39 per share for Folkestone shareholders represents a 25% premium over the previous closing price of A $ 1.11 per share and a multiple of 10.2 times the company's earnings before interest , taxes, depreciation and amortization.

The two companies said that assuming that necessary approvals could be obtained, the transaction could have been completed early November.


A spokesman for the Charter Hall said Greg Paramor, Managing Director of Folkestone, joins the board of directors of the charter room as an independent non-executive director Scott Martin, Chief Financial Officer and Secretary of Folkestone, and Adrian Harrington, the head of the fund management company, will join their current capabilities.

"We look forward to Folkestone's top managers joining Charter Hall and the additional skills they will provide if we work together to grow the fund management platform," said David Harrision, CEO of the Charter Hall Group and managing director in a press release.


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