Westpac has entered into exclusive discussions with property giant Charter Hall Group to sell its infrastructure investment business Hastings Management.
The financial details of the deal have not been disclosed and the companies, in a joint statement on Monday, say the transaction is subject to due diligence as well as regulatory and board approvals.
Hastings manages global infrastructure equity and debt investing funds of around $14.3 billion, and boasts assets including NSW government's land registry business and electricity transmitter TransGrid.
Westpac acquired Hastings in August 2005 for an undisclosed amount, after paying $36 million for its initial 51 per cent stake in 2002.
Charter Hall, which has more than $19 billion in funds under management across the commercial property space, says it believes the proposed sale provides an attractive opportunity for expansion into real assets funds management.
At 1105 AEST, Westpac shares were down 1.1 per cent at $32.05, while Charter Hall's were down 2 per cent at $5.17.
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