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Charter Hall has purchased a 50 per cent interest in Paradice Investment Management for $207 million, in a bid to expand its listed real estate equities capability into broader listed equities.
The acquisition price represents a net profit after tax multiple of 10 times, equating to 2.3 per cent of PIM’s funds under management. Charter Hall also has the option to acquire the remaining 50 per cent of PIM at the start of FY25. “This partnership represents a rare opportunity to invest in a large scale, high-quality listed equities fund manager with $18.2 billion of FUM and a 20-year track record, building upon and significantly expanding our existing listed real estate equities business,” said Charter Hall CEO, David Harrison.
“It diversifies Charter Hall’s FUM and earnings streams, introduces new client relationships to both businesses across wholesale and retail equity source segments.” PIM is a fund manager with $18.2 billion in funds under management invested in Australian and global listed equities. Consideration will be provided to PIM shareholders as Charter Hall securities and a cash component .1 hr ago
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