Bank pon­ders Hast­ings sale

Townsville Bulletin - - NEWS -

WEST­PAC has en­tered into exclusive dis­cus­sions with prop­erty gi­ant Char­ter Hall Group to sell its in­fra­struc­ture in­vest­ment busi­ness Hast­ings Man­age­ment.

The fi­nan­cial de­tails of the deal have not been dis­closed and the com­pa­nies, in a joint state­ment yes­ter­day, say the trans­ac­tion is sub­ject to due dili­gence as well as reg­u­la­tory and board ap­provals.

Hast­ings man­ages global in­fra­struc­ture equity and debt in­vest­ing funds of around $ 14.3 bil­lion, and boasts as­sets in­clud­ing NSW gov­ern­ment’s land reg­istry busi­ness and elec­tric­ity trans­mit­ter Tran­sGrid.

West­pac ac­quired Hast­ings in Au­gust 2005 for an undis­closed amount, af­ter pay­ing $ 36 mil­lion for its ini­tial 51 per cent stake in 2002.

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