According to people familiar with the situation, Bank of America (NYSE:BAC) is sending out materials to companies of interest concerning the U.S. portfolio held by Charter Hall Office REIT (CQO), which could end up selling for over the $1.7 billion book value of the assets.
Companies reportedly interested in the properties are Blackstone Group LP (NYSE:BX), Brookfield Asset Management Inc. (NYSE:BAM) and Highwoods Properties Inc. (NYSE:HIW), among others.
According to Orange Capital managing partner Daniel Lewis, “The stated book value here of about $1.7 billion is way off and these assets could trade at a significant premium to book value. We are adamantly opposed to the proposed joint venture and have made our view clear to the board.”
Charter Hall spokeswoman Rachel West said, “We’re exploring interest from a broad range of interested parties and any decision we make as always will be in the best interest of unit holders.”
Tuesday, April 5, 2011
Bank of America (BAC) Represents CQO in Property Sale
Labels:
Bank of America,
Blackstone,
Brookfield,
Highwoods
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