Trading halt for Centuria and 360 Capital

Trading halt for Centuria and 360 Capital
Trading halt for Centuria and 360 Capital

ASX-listed 360 Capital Group is set to sell its real estate funds management platform to Centuria Capital Group.

Both companies' shares went into a trading halt this morning, ahead of an announcement.

A deal is expected to be announced before the end of the week.  

Centuria Capital is expected to tap equity markets to fund the transaction which was hanging in the balance on the back of recent market volatility. 

Centuria and 360 Capital have been in takeover talks, as exclusively revealed by The Australian's DataRoom column last week, in a deal which will involve Centuria raising about $250 million in cash for the transaction through advisory firm Moelis.

360 Capital is a rival real estate group founded by former Mirvac Group executive Tony Pitt.

Both own retail, offices and industrial properties.

 

Centuria made a $300 million bid earlier this year for the GPT spin-off through, but South Africa-based Growthpoint Properties Australia trumped its offer.

 

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

Tags: 
Real Estate Funds Management

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