Charter Hall’s A$1.18 Billion Acquisition of ALE Property Group

Arnold Bloch Leibler has advised the consortium.

A consortium managed by Charter Hall Group has agreed to buy Australian pubs owner ALE Property Group for 1.18 billion Australian dollars (US$857 million).

The consortium, comprising Charter Hall Long WALE REIT and pension fund Hostplus, has offered a mix of cash and securities that implies a value of A$5.88 for each ALE Property security. ALE Property ended trading last week at A$4.70.

ALE Property investors will receive 0.4080 Charter Hall Long WALE REIT securities and A$3.673 in cash for each of the securities. They will also receive a distribution of 5.5 Australian cents per security for the September quarter.

The ABL team comprised of Partners Tyrone McCarthy (Picture, Property & Development), Stephen Sharp (Banking & Finance) and Stephen Lloyd (Litigation), Lawyers Max Grunwald (Corporate and M&A), Emily Moreton (Property & Development) and Crosby Radburn (Banking & Finance), and Law graduate Kaitlin Bakken (Corporate and M&A). 

Involved fees earner: Max Grunwald – Arnold Bloch Leibler; Stephen Lloyd – Arnold Bloch Leibler; Tyrone McCarthy – Arnold Bloch Leibler; Emily Moreton – Arnold Bloch Leibler; Crosby Radburn – Arnold Bloch Leibler; Stephen Sharp – Arnold Bloch Leibler;

Law Firms: Arnold Bloch Leibler;

Clients: Charter Hall; HOSTPLUS;

Author: Sonia Carcano