An attempt by Australian property group Charter Hall to buy Hastings Funds Management has failed after talks between the pair broke down.
Charter Hall had entered into exclusive discussions with Westpac bank, owner of Hastings, late last month as the former looked to expand across the real asset class.
However, in a statement to the Australian Securities Exchange, Charter Hall said it “has determined not to proceed with further due diligence on the acquisition of Hastings Management Proprietary Limited”.
Westpac added that the discussions had “ceased” and that it will “continue to assess sale options and remains committed to Hastings’ clients and the business”.
Hastings could not be reached for further comment before the time of publication.
Hastings manages about A$12.8 billion across debt and equity platforms on behalf of its clients. Westpac initially bought into Hastings in 2002 before taking full control in 2005.