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ALE Property Group LEP

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Morningstar’s Analysis

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ALE Receives Generous Takeover Offer

Adrian Atkins Senior Equity Analyst

Analyst Note

| Adrian Atkins |

No-moat ALE Property Group has received a takeover offer from a Charter Hall-led consortium. The default offer equates to about AUD 5.83 per security, comprising AUD 3.673 in cash and 0.408 securities in the Charter Hall Long WALE REIT, or CLW, which Morningstar doesn’t cover. Investors can also opt for an all-cash offer of AUD 5.626 per security or an all-scrip offer of AUD 1.1546 CLW securities, worth about AUD 6.10 based on CLW's last closing price prior to disclosure of the bid. These alternative offers may be subject to scale-back. Shareholders will also receive a September 2021 quarter distribution of AUD 5.5 cents per security.

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Company Profile

Business Description

ALE Property Group is an internally managed Australian real estate investment trust with a portfolio of 86 freehold pubs across Australia. It is a stapled entity comprising one trust and a company that acts as responsible entity. The portfolio is valued at more than AUD 1 billion: 48% in Victoria, 31% in Queensland, 14% in New South Wales, and small exposures to South Australia and Western Australia. All properties are leased to Australia’s largest pub operator, Endeavour Group.

264 George Street, Level 28:02 Australia Square Tower
Sydney, NSW, 2000, Australia
T +61 282318588
Sector Real Estate
Industry REIT - Hotel & Motel
Most Recent Earnings
Fiscal Year End Jun 30, 2022
Stock Type
Employees 3