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Australia's Charter Hall cancels A$1.1 bln property trust listing
October 18, 2016 / 10:51 PM / a year ago

Australia's Charter Hall cancels A$1.1 bln property trust listing

SYDNEY, Oct 19 (Reuters) - Australian listed property company Charter Hall Group said on Wednesday it had canceled an A$1.12 billion ($860 million) initial public offering of its property trust because of a lack of institutional support.

“Despite receiving significant retail demand ... the institutional offer of approximately A$350 million ... did not attract the sufficient quality of support that the group deemed appropriate to create an orderly market,” Charter Hall said in a statement.

Charter Hall, which had also planned to buy a direct stake in the Long WALE real estate trust, or REIT, had been scheduled to commence trading on the Australian Securities Exchange later on Wednesday. ($1 = 1.3040 Australian dollars) (Reporting by Tom Westbrook; editing by Jane Wardell and G Crosse)

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