This article is from the Australian Property Journal archive
THE BlackWall Property Trust (BWR) is proposing to acquire two unlisted trusts, to grow its gross assets by around $40 million, or 30%.
The proposal would see the BWR take over two unlisted trusts – the BlackWall Telstra House Trust and Bakehouse Quarter Trust.
The trusts owns 55 Pyrmont Bridge Rd Pyrmont and the Bakehouse Quarter at North Strathfield in Sydney, and 490 Northbourne Avenue in the ACT.
The assets have a combined area of more than 50,000 sqm of commercial, retail and social amenity.
BlackWall CEO Stuart Brown said all three projects are currently held in joint ventures between the relevant retail trusts and two high net worth syndicates, and that retail investors will be offered ASX-listed BWR units in exchange for their unlisted positions.
The transactions would add more than 300 unitholders to BWR’s register. The trust’s current portfolio has been independently valued for a 5% unit uplift in the NTA per unit to $1.43 per unit.
The transactions will also consider the acquisition by BWR of BlackWall’s investment in the Pelathon Pub Group, with full management control of the pub group transferred to specialist hotel operator Pelathon Management Group.
“During the pub group’s recovery, we employed both the BWR and BWF balance sheets to assist the process. Our aim was to distribute this investment at the appropriate time.
“This transaction will add over 1,000 retail and high net worth investors to the pub group register, better positioning it to raise capital, chase M&A opportunities and in time, in Pelathon chooses, to undertake a compliance listing on the ASX,” Brown said.
Australian Property Journal
