Fund manager 360 Capital has launched a $1.1 billion takeover tilt for ASX-listed property trust Irongate Group, in a complex proposal that relies on a subsequent sell-down of assets to deep-pocketed Asian investment house, ESR.
Led by Tony Pitt, a veteran of corporate action in the property section, the bid from 360 Capital and 360 Capital REIT is worth just over $1.6 per security, after taking into account an upcoming distribution.
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Nick Lenaghan edits the property section, which covers all aspects, from residential real estate and housing and construction to commercial property – office, retail, industrial – and major ASX-listed developers and real estate investment trusts. Connect with Nick on Twitter. Email Nick at nlenaghan@afr.com
