Australia’s Charter Hall and Dutch pension provider PGGM have made a A$1.3bn (€819m) offer for ASX-listed property trust Irongate.

Charter Hall and PGGM made the non-binding offer to acquire all of the stapled securities in Irongate for A$1.90 cash per security.

Irongate said in a statement that the offer included a memorandum of understanding with its largest securityholder, 360 Capital, containing a call option for its stake in the listed company.

360 Capital, headed by Tony Pitt, holds a 19.9% stake in the listed vehicle and has made repeated offers to acquire Irongate. Its last offer was for A$1.72 per security.

In a letter to Irongate, Charter Hall managing director, David Harrison, asked for exclusive due diligence, arguing that the proposal was ”financially compelling for IAP (Irongate)  security holders and subject to limited conditions and executive risk”.

Irongate owns and manages 36 commercial property assets in Australia and New Zealand across the industrial, office and retail sectors, valued at A$1.56bn.

Irongate was previously known as the Investec Australian Property Fund, which is dual-listed in Australia and Johannesburg.

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