This article is from the Australian Property Journal archive
INVESTA Wholesale Funds Management has entered into an agreement with Morgan Stanley to buy Investa Office Management Holdings (IOMH), the owner of Investa Office Management (IOM).
The deal comes after the proposal received unanimous support from unitholders, with all unitholders that voting in favour.
The acquisition will be made by a new company to be stapled to Investa Commercial Property Fund (ICPF), collectively the Investa Property Group (IPG).
The transaction includes IOM’s funds and property management platform which manages a circa $8.5 billion of assets across a portfolio of 39 prime grade office buildings across Sydney, Melbourne and Brisbane.
IOM managing director Jonathan Callaghan said IOM will maintain the existing management structure of the platform, with separate management teams and majority independent boards for each responsible entity of IOF and ICPF.
“IOM’s rigorous governance policies which have underpinned its strong track record of conflict management, will also remain in place. The IOF and ICPF boards will retain their separate board charters which govern each fund’s strategy and direction.
“This transaction is an excellent result for IOM. It will deliver new, committed owners, with the resolve and expertise to maximise value for investors over the long term,” Callaghan said.
“Significantly, this transaction will result in a change in ownership, not a change in management, and as such it will be business as usual as we continue to deliver a high-quality service to our clients.
“The high level of interest in the sale process from a number of property groups is testament to IOM’s position as the leading end-to-end management platform in the sector,” he added.
Investa Group executive Michael Cook said IOM staff welcomed the transaction and remained focused on continuing to deliver the exceptional returns unitholders have benefited from over many years.
“This is good news for our clients as it means the unique Investa culture of high performance and track record of identifying and nurturing new talent will continue well into the future,” Cook said.
The sale of the management does not impact the Dexus proposal to acquire IOF.
Australian Property Journal
