The Scheme is subject to several conditions precedent including approval by the requisite majorities of AOF unitholders, receipt of judicial advice and an Independent Expert concluding that the Scheme is in the best interests of AOF unitholders. Under the Scheme, AOF unitholders will receive $3.04 cash per unit, reduced by any distribution announced or paid in respect of AOF other than the 3.95 cent per unit distribution announced on 21 June 2019. This transaction follows earlier proposals received from Starwood Capital in late 2018 which were ultimately rejected by the independent directors of AUIREL as responsible entity of AOF, and continues a trend of recent M&A activity in the A-REIT sector.ĪUIREL and CHAB have entered into a Scheme Implementation Agreement (SIA)pursuant to which it is proposed thatCHAB, a special purpose vehicle established by the Consortium, will acquireall of the issuedunits inAOF that it does not already holdby way of a trust scheme (Scheme). AOF has significantly outperformed the A-REIT 300 Index since its IPO in June 2016, which has resulted in interest from potential acquirers. Restructuring, Special Situations and InsolvencyĪshurst represented Australian Unity Investment Real Estate Limited (AUIREL) in the matter, as responsible entity of AOF.ĪOF is an ASX-listed REIT that wholly owns a diversified portfolio of nine office properties located across Australian metropolitan and CBD markets in Sydney, Adelaide, Melbourne, Brisbane and Canberra.
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