Good evening,

It was an underwhelming Monday for both ECM and M&A, with less than $7 billion traded and deals scanty.

But Arafura Rare Earths did confirm Street Talk’s report of Gina Rinehart’s investment, and Hotel Property Investments did the same for 360 Capital’s covert buying of its units.

HPI has 62 properties worth $1.29 billion (many with KKR’s AVC as a tenant) but is trading at a $721 million market capitalisation.

So, it’s easy to see why 360 Capital was interested, but that doesn’t make it any easier to guess the suitor’s next step.

In the past, 360 has flirted with Irongate and E&P Financial (nee Evans Dixon) without becoming the eventual owner. Either way, it is exciting to finally see some movement in the much-touted REIT consolidation.

Elsewhere, we spotted ex-Carlyle boss Simon Moore quietly plugging away at three deals; Deloitte was hunting for a buyer for building firm UMS; and a former restaurateur was getting ready to show a new booking system to investors.

Happy reading,

Anthony Macdonald, Sarah Thompson and Kanika Sood
Street Talk Editors