Charter Hall Group to Acquire Folkestone Limited

August 23, 2018

On August 22, 2018, Charter Hall Group announced it had entered into an agreement to acquire Folkestone Limited.

Under the terms of the deal, Charter Hall Group (“Charter Hall”) will pay $205 million in cash consideration from available investment capacity and shareholders of Folkestone Limited (“Folkestone”) will be entitled to receive $1.39 cash per share. The share price represents a 25% premium on the previous close of $1.11 and the cash consideration represents a 10.2x EBITDA multiple. Folkestone’s Board of Directors unanimously recommended that the shareholders vote in favor of the proposal. The deal is expected to close in Q4 of 2018 subject to shareholder approval as well as customary conditions and regulatory approvals.

Charter Hall (ASX:CHC) is an Australian property group managing and investing in property on behalf of institutional, wholesale, and retail clients. Charter Hall has $23.2 billion in assets under management.

Folkestone (ASX:FLK) is an Australian real estate funds manager and developer. Folkestone has more than $1.6 billion in assets under management.

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Investment Manager M&A, Transactions