Apollo, Broadway Bid on Charter Hall's U.S. Properties

Apollo Global Management and Broadway Partners are reported to have offered more than $1.68 billion for the U.S. real estate holdings of Charter Hall Office REIT. Those holdings include office buildings in Boston, Denver and Los Angeles.

Other bids for Charter Hall's 14 U.S. properties came from AREA Property Partners, Boston Properties (NYSE: BXP) and Highwoods Properties (NYSE: HIW). Bank of America (NYSE: BAC) is managing the sale.

Charter Hall's chief executive, Adrian Taylor, declined to comment on whether the Sydney, Australia-based company had received such bids.

Charter Hall has been under pressure from hedge fund shareholders to sell its U.S. assets. In January, Charter Hall sold its interest in Japanese office buildings for 3.47 billion yen as part of a strategy to exit noncore markets.

Apollo Global Management is one of the world's largest private equity investment firms. It is headquartered in New York City and has announced plans for an IPO.

Broadway Partners is a private real estate investment and management firm also headquartered in New York.