Allens acts for Charter Hall on Folkestone acquisition

Allens has advised Charter Hall Group (Charter Hall) on its proposed acquisition of Folkestone Limited (Folkestone).

The acquisition, structured as a scheme of arrangement, is valued at $205 million.

Lead partner, Stuart McCulloch said it was exciting to work with Charter Hall as it builds its social infrastructure and early learning portfolio.

'Charter Hall is a high growth company with an exciting strategy. The acquisition of Folkestone complements Charter Hall's existing funds management and property portfolio and will grow Charter Hall's funds under management by $1.6 billion.

'The transaction is structured as a scheme of arrangement and provides that Folkestone shareholders will be entitled to receive $1.39 cash per share, comprising a Charter Hall cash consideration of $1.354 per share and a special dividend of $0.036 per share.

'The Allens team included Corporate M&A, Projects (Real Estate), Funds, Disputes and Investigations (Workplace Relations) and Banking and Finance expertise,' Stuart said.

The transaction was announced to the market on 22 August and is expected to be implemented by the beginning of November.

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