A-REIT trading down a week after Charter Hall takeover bid
Shares in Charter Hall Office REIT, the target of a failed hedge fund-led management takeover a week ago, have fallen this morning as the listed property sector continues to trade down.
Its shares were last trading at $3.20, compared with $3.17 at the start of trading today.
The fall in the share price follows two significant events: a bad day of trading for the REITs sector as a whole and the REIT announcing the sale 14 US office properties to Boston-based private equity group Beacon Capital for $1.58 billion.
The properties were sold at a 2% premium to their July 31 book value.
Yesterday a number listed property trusts hit 12-month lows including Mirvac, Australand, Charter Hall, CFS Retail Property Trust. They fell on the back of billions wiped of global share markets with the Australian market falling 2.27%.
Australand was down another 1o¢ today to $2.38. The stock has now fallen more than 9% since the release of half year results on July 27.
CFS Retail Property Trust was down marginally in trading today, down 6¢ to $1.67 after falling 3.45% yesterday to $1.68.
Mirvac continued to trade down today after falling 1.3% yesterday to $1.13. It was last trading at $1.12.
Stockland was trading unchanged around $3 following a fall of 2.61% yesterday while Charter Hall was unchanged at $2.03.
Westfield Retail Trust was last trading at $2.435 up 1.5¢ from its opening price. Westfield shares were up from $8.01 to $8.13.
Leighton shares were up 58¢ to $20.65.