Charter Hall Office REIT investors approve takeover

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Unitholders of an Australian office tower owner have approved a takeover by foreign interests.

More than 96 per cent of votes cast at a meeting in Sydney on Thursday were in favour of a Singapore fund and a Canadian fund taking full ownership of Charter Hall Office real estate investment trust (REIT).

The affiliate of the Singapore government’s Investment Corporation and the Public Sector Pension Investment Board of Canada had offered $2.49 for each Charter Hall Office REIT unit they did not already own.

Charter Hall Office REIT owns office properties worth $1.9 billion, in Sydney, Melbourne, Perth and Canberra.

The takeover still requires the completion of Charter Hall Office REIT’s sale of its properties in the United States, which is expected by the end of March.

It also requires approval from the NSW Supreme Court.