Sydney, July 16, 2007 (ABN Newswire) - Charter Hall Group pay $41 million for the landmark Hunter St Dymocks building in the heart of the Sydney CBD. The asset will be acquired by the companies Core Plus Office Fund and is the 11th asset the fund has secured since its conception. It is the fund's first 12 months of operation and CPOF has grown assets under management from $140 million to $955 million during this time. The CPOF portfolio is now 48 percent exposed to Sydney following the recent acquisition of 167 Macquarie St. Charter Hall is a property funds management and development company with a market cap of over $1.2 billion.
Coates Hire, which has attracted the attention of a number of private equity firms, will today open its books to potential suitors. Australia's biggest equipment hire company plans to open a data room for about four weeks according to a company spokesman. Last month Coates said it would conduct a due diligence process following reports that it had received indicative proposals from at least three parties. They are believed to include Archer Capital, Japan's Nikko Principal and equipment hire group, National Hire. Coates, which posted weaker-than-expected interim results in February, will continue its own strategic review at the same time as it opens its books. Coates Hire has a strong record of profit results.
Hillgrove Resources has today announced a strategic partnership with oil distribution and gas company Mocoh Group to identify and develop mineral projects in Madagascar. The companies plan to explore the resource rich island for oil and gas. Hillgrove Resources is a South Australian gold and copper miner. Hillgroves' main asset is the Kanmantoo Copper Gold Project and the company also has positions in Eastern Star Gas and InterMet Resources. Hillgrove Resources posted a net profit in 2007
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