Property investor ISPT has joined industry super fund-owned IFM Investors, finalising the deal on Friday.
IFM Investors initially submitted a binding offer, which was endorsed by the ISPT board in August, followed by a shareholder vote in December.
News of a potential merger between the two entities was first flagged in June 2023.
On Monday IFM Investors said that it and ISPT have a large common shareholder base, and a shared purpose to contribute to building the retirement savings of working people.
Following the announcement, ISPT’s chief executive Chris Chapple has been appointed as the global head of real estate at IFM Investors.
Before joining ISPT, Chapple was CEO of Blackstone’s Australian real estate portfolio company, 151 Property, and has held various roles at Charter Hall, JLL and Multiplex.
Commenting on the transaction, Chapple said: “We are pleased to be joining IFM Investors as they share the same purpose as us to build and protect the long-term retirement savings of working people, as well as a strong focus on sustainable investing which aligns with ISPT’s industry-leading ESG focus.”
According to him, ISPT’s real estate capabilities and IFM Investors’ global reach will allow the property investor to continue delivering for clients, partners and stakeholders.
“In addition, being part of IFM will also enhance our ability to grow our business further and pursue new opportunities, allowing us to capitalise on anticipated improved market conditions for the real estate sector over the next 12 months.”
Moreover, IFM confirmed that, following the completion of the transaction, there will be no significant immediate changes to the day-to-day operations at either company, with the full integration set to occur gradually.
“We are excited to bring ISPT’s offering into IFM’s platform. Combining our capabilities, talent and experience will help us create further opportunities to add value for our clients and accelerate our combined growth strategies,” IFM Investors chief executive, David Neal, added.
“It’s fantastic to have Chris Chapple join IFM as our first global head of real estate, his expertise and leadership will be an asset for IFM, our clients and the working people they represent.”
