Charter Hall, GPT among bidders for unlisted Australand property fund: StreetTalk

A number of property heavyweights are reportedly bidding for the assets or the management rights of an Australand unlisted property fund.

The Australian Financial Review’s StreetTalk column names Charter Hall, GPT and the asset management arm of investment bank Investec as bidding for a collection of assets worth around $250 million that make up the Australand Wholesale Property Fund No.6 (AWPF6).

The fund is a portfolio of eight commercial and industrial properties located in NSW, Victoria and South Australia.

It comes as majority shareholder Singapore-based CapitaLand is still seeking to sell its stake in the listed property trust following GPT pulling out of a $2.8 billion bid for the non-residential parts of the Australand business.

The column names Charter Hall, already an investors in the unlisted fund as “one of the most aggressive bidders” but its proposal to take over the management rights was reportedly rebuffed by stakeholders.

Australand holds a 28% stake in the fund, which was established in 2007.

The sale of the assets and management rights are being handled by CBRE, says StreetTalk.

The sale will strengthen Australand balance sheet, but according to StreetTalk indicates a “hardening attitude” among institutional investors to the purchase of wholesale real estate managers.