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CHARTER HALL GROUP — Capital/Financing Update 2010
Sep 19, 2010
64645_rns_2010-09-19_033dee99-74bc-42ca-82a9-3489bfeb618d.pdf
Capital/Financing Update
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ASX/MEDIA ANNOUNCEMENT
CHARTER HALL WHOLESALE FUND ACQUIRES $76.5 MILLION MELBOURNE CBD OFFICE BUILDING
Monday, 20 September 2010
Charter Hall’s Core Plus Office Fund (CPOF) is pleased to announce it has agreed to acquire the remaining 50% of 570 Bourke Street, Melbourne for $76.5 million from the Perron Group.
An A-grade commercial office building, 570 Bourke Street comprises 33,089 square metres of office space and a 522 bay parking station comprising both tenant and public car parking. Located in Melbourne’s CBD, the building is 96% leased to major tenants including the Victorian State Government, ANZ, Willis and Allianz, and has a weighted average lease expiry of 4.1 years upon settlement.
The property was purchased on a passing yield of 8.86% based on current passing income.
David Harrison, Charter Hall’s Joint Managing Director said: “This significant transaction follows CPOF’s successful equity raising, which to date has secured approximately $100 million, and demonstrates Charter Hall’s ability to acquire strategic investment grade assets for its funds in core markets such as Melbourne’s CBD. We continue to position the CPOF portfolio in markets where expected market rental growth and below market rent passing income on selected assets combine to provide strong leverage to the improving office cycle.”
CPOF is a wholesale office property investment fund managed by Charter Hall and owns 16 investment grade assets located within Australian core CBD office markets.
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For further information, please contact:
David Harrison
David Southon
Joint Managing Director Joint Managing Director Tel: +61 412 259 751 Tel: +61 418 479 155 [email protected] [email protected]
Investor enquiries:
Media enquiries:
Kylie Ramsden Rachel Mornington-West Head of Listed Investor Relations Senior Communications Manager Tel: +61 2 8295 1016 Tel: +61 434 604 590 - [email protected] rachel.mornington [email protected]
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, Adelaide and Chicago. 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, which will now own and/or manage over $10 billion in real estate assets. The Charter Hall Group has achieved a solid track record across its activities demonstrating a 19 year history of managing wholesale and retail 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.