Charter Hall and Hostplus to acquire the remaining 85% stake in Hotel Property Investments for AUD609m.

Charter Hall, an Australian property development and funds management company, and Hostplus, an Australian industry superannuation fund, offered to acquire the remaining 85% stake in Hotel Property Investments, an Australian Real Estate Investment Trust with a large portfolio of freehold pubs and associated tenancies, for AUD609m. The Board of HPI intends to formally recommend that securityholders reject the offer. HPI believes that its existing portfolio and current strategy, including its organic growth initiatives, offer significantly greater value to HPI securityholders.