British asset manager Northill Capital has agreed to acquire Hastings, the infrastructure management business of Westpac, for an undisclosed sum.
Established in 1994, Hastings has offices in Melbourne, Sydney, London, New York and Asia. The firm currently has a workforce of over 100 and oversees AUD12.6bn ($9.6bn) in funds on behalf of investors.
“Northill is focused on investing in a long-term partnership, supporting the continued development of Hastings as an independent asset management business and providing significant co-investment capital to enhance alignment with investors,” the two companies said in a joint statement.
The latest move follows Westpac’s failed acquisition talks with Australian property group Charter Hall in August this year.
The deal, whose financial terms were not disclosed, is subject to regulatory approvals.