Charter Hall has acquired a substantial stake in the diversified property group, Abacus, for around A$60m (€36m).
In a stock exchange filing, Abacus said Charter Hall had acquired more than 52m shares, giving it a 5.8% voting right in the Sydney-based company.
The wholesale management arm of Charter Hall and Abacus have long been partners in joint acquisitions of office and retail assets in Australian capital cities.
Jointly, they own a central business district office tower in Sydney, purchased for A$630m in 2019. Five years ago, they secured a majority interest in Myer Melbourne, an iconic retail property in Melbourne’s key prime shopping strip, Bourke Street, in central Melbourne.
But their joint bid for the listed Australian Unity Office Fund failed and they have since sold their stakes in the fund.
Although a diversified asset manager and owner, Abacus is now focused primarily on office and self-storage. It owns a A$3.7bn self-storage portfolio, trading under Abacus Storage King.
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