AI assistant
CHARTER HALL GROUP — Capital/Financing Update 2009
Jun 29, 2009
64645_rns_2009-06-29_1239d7a0-c3f9-445f-a2bc-73350ab365e7.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
==> picture [208 x 24] intentionally omitted <==
==> picture [208 x 23] intentionally omitted <==
==> picture [208 x 24] intentionally omitted <==
==> picture [208 x 24] intentionally omitted <==
==> picture [208 x 23] intentionally omitted <==
ASX ANNOUNCEMENT
CHARTER HALL HAS REACHED 75% OF ITS ASSET DIVESTMENT TARGET FOR DPF
Tuesday, 30 June 2009
Charter Hall has succeeded in reaching 75%, or $31.75 million, of its $50 million asset sale target for the $240 million unlisted Diversified Property Fund (DPF), which is open to retail investors.
Charter Hall announces the sale by auction of the Corio (Geelong) retail property for $9.225 million, which is 65% anchored by a Harvey Norman lease (expiring in September 2010). DPF has now exchanged contracts for $31.6 million of property sales within two months, including this month’s announced sale of an $18.3 million, 50% stake in the Fosters Abbotsford portfolio to the Wyllie Group which settled today. The Corio property sold at auction earlier this month and the $4.2 million Mitcham property sold post-auction in May. Both properties were purchased by private investors and are due to settle within six weeks.
Charter Hall’s Joint Managing Director, David Harrison, noted that “DPF will use the sale proceeds to retire debt and focus on reducing average interest expense via reduced interest rate hedging, both of which will increase distribution yields to retail investors. We believe this successful asset sale strategy offers a better solution than highly dilutive equity raisings within the un-listed retail market. The short 2 year average lease term of Corio will enhance the DPF 7 year WALE”.
Knight Frank and Burgess Rawson negotiated the Corio sale. ENDS
For further media enquiries, please contact:
| David HarrisonJoint Managing Director0412 259 751[email protected] | David SouthonJoint Managing Director0418 479 155[email protected] | Jo StilesMarketing & Communications Manager0414 499 199[email protected] |
|---|
==> picture [208 x 24] intentionally omitted <==
==> picture [208 x 23] intentionally omitted <==
==> picture [208 x 24] intentionally omitted <==
==> picture [208 x 24] intentionally omitted <==
==> picture [208 x 23] intentionally omitted <==
About the Charter Hall Group:
Charter Hall Group is a property funds management and development company, based in Sydney with offices in Melbourne, Brisbane, Perth and Auckland. Established in 1991 and listed on the ASX in 2005 as a stapled security under the code CHC, Charter Hall Group combines Charter Hall Limited with Charter Hall Property Trust. The Charter Hall Group has achieved a solid track record across its activities demonstrating a 14 year history of managing wholesale capital, making it one of Australia’s leading property fund managers. Charter Hall’s success has been underpinned by a highly skilled and motivated management team with diverse expertise across property sectors and risk-return profiles.