Charter Hall Retail REIT up on buying stake in Hotel Property Investements

360 Capital

28/03/2024 04:56

(Updates share moves, adds comment from Citi)
    ** Shares of Charter Hall Retail REIT  CQR.AX  rise as much
as 1.6% to A$3.74, their highest level since Feb. 19 
    ** Investment management co acquires 14.8% stake in real
estate investment firm Hotel Property Investments (HPI)  HPI.AX 
for A$97 mln ($63.2 mln)
    ** 360 Capital Group  TGP.AX  says it has sold its strategic
stake in HPI for A$96.9 mln
    ** Shares of HPI climb as much as 4.6%, while those of 360
Capital jump 19.6%
        ** Citi sees the acquisition as a positive sign, with
CHC focusing more on growth-linked opportunities than playing
defense in a tough environment
  
    ** HPI shares hit their highest level since June 9, while
those of 360 Capital hit highest level since Aug. 18 
    ** Including session's gains, CQR and HPI up 2.9% and 18.1%
this year, while 360 Capital has gained 7.7%
   
($1 = 1.5337 Australian dollars)

 (Reporting by John Biju and Ayushman Ojha in Bengaluru)
 ((John.Biju@thomsonreuters.com;))