Challenger sells Australian real estate business
Challenger has entered into an agreement to sell its Australian real estate business.
The company has announced to the Australian Securities Exchange (ASX) that it will be selling the business to Elanor Investors Group for $42 million.
The company announced that it had entered into an agreement with Elanor to form a strategic real estate partnership and that Elanor would become Challenger’s commercial real estate partner in Australia and New Zealand and Challenger would become Elanor’s exclusive distribution partner.
The transaction will involve new investment management agreements between Challenger Life and Challenger Real Estate third party clients with Elanor, representing $3.4. billion of funds under management.
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