Bloomberg News

Orange Capital, Holders Acquire Charter Hall Office Units

June 05, 2011

(Updates with details of shareholder demands in second, third paragraphs.)

June 6 (Bloomberg) -- Orange Capital LLC, Luxor Capital Group LP and Point Lobos Capital LLC have increased their stake in Charter Hall Office REIT to 19.06 percent from 18.15 percent, according to a regulatory filing.

Charter Hall Group, the REIT’s manager, has rejected the funds’ call for the trust to consider selling its Australian assets, appoint additional independent directors and return excess cash and proceeds from the sale of its U.S. assets to shareholders, Orange said in a media release.

Orange last week requested a copy of Charter Hall Office’s unitholder registry to call a shareholder vote to remove the trust’s manager after failing to reach agreement on a sale of all its assets. Apollo Global Management LLC and Broadway Partners offered to buy Charter Hall Office’s U.S. real estate holdings for more than $1.68 billion, the value the Sydney-based company put on the assets last year, three people with knowledge of the bid said last week.

Charter Hall has, through its advisers, been seeking to acquire shares owned by the funds to prevent a shareholder vote, Orange said today. The Australian Financial Review today reported that the funds had approached Charter Hall adviser Goldman Sachs & Partners Australia Pty to buy out their A$320 million investment, without saying where it got the information.

Charter Hall spokeswoman Kylie Ramsden didn’t immediately respond to a voicemail message seeking comment.

--Editors: Malcolm Scott, Linus Chua

To contact the reporter on this story: Nichola Saminather in Sydney on nsaminather1@bloomberg.net

To contact the editor responsible for this story: Andreea Papuc at apapuc1@bloomberg.net


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