Westpac To Sell Hastings Management to Charter Hall

Westpac Banking Corporation and Charter Hall Group have entered into exclusive discussions with Westpac over the proposed sale of Hastings Management Proprietary Limited.

Headquartered in Australia with offices in Melbourne, Sydney, London, New York and Asia - Hastings is a global infrastructure real assets business which has operated for over 22 years.

Hastings currently has funds under management of approximately $14.3 billion managed by approximately 100 professionals.

Charter Hall Group said they were under the belief that the proposed sale provides an attractive expansion opportunity for Charter Hall across real assets funds management.

Any binding arrangements in relation to the proposed sale and purchase remain subject to completion of due diligence, regulatory and board approvals.

A further update will be provided following the outcome of negotiations between the two parties.