Dexus is to take over Asia-Pacific real estate investment manager APN Property Group for A$320m (€206m) in a move to further strengthen its funds management business.
Dexus has completed due diligence on the ASX-listed company and entered an agreement to buy all of the stapled securities in APN for 91.5 cents per security.
Darren Steinberg, Dexus chief executive officer, said: “This transaction supports our strategic initiative of expanding and diversifying our funds management business.”
He said the acquisition would increase the Dexus suite of funds on offer outside of wholesale funds into listed real estate investment trusts, real estate securities funds and unlisted direct property funds.
APN’s chairman and largest securityholder, Chris Aylward, said: “We believe the combination of the two platforms will provide incremental growth opportunities for the APN business as well as its underlying funds, investors and team members.”
Aylward said APN directors considered the Dexus offer “very attractive”, and unanimously recommended that securityholders vote in favour, subject to no superior proposal being made and an independent expert concluding that the schemes were in the best interests of APN securityholders.
APN securityholders are expected to meet in July to approve the Dexus proposal.
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