Warren Ebert’s Sentinel Property Wants Unity Pacific for ASX Listing

4th February 2016, By Ben Wilmot, The Australian

Warren Ebert’s Sentinel Property Group will push on with its ­attempt to list on the Australian Securities Exchange via a takeover of the property funds group Unity Pacific.

Sentinel, which has snapped up shopping centres, office towers and warehouses around the country for its unlisted trusts that have grown to about $1 billion, wants to list as a property fund manager. Unity Pacific said late on Tuesday that it would seek expressions of interest in its ­corporate vehicle and remaining assets, once the property known as 308 Queen Street/88 Creek Street, Brisbane, is sold.

In December, Sentinel made an offer to fund a buyback of all the UPG securities it did not own and built up its stake in the company to 5.01 per cent.

Sentinel yesterday reconfirmed its interest in UPG and advised that “it will be actively seeking to participate in this process”. Sentinel’s offer was pitched at UPG’s net asset backing and it entered into a short period of ­exclusive talks but these ended at the end of January.

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