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CHARTER HALL GROUP — Capital/Financing Update 2011
Nov 29, 2011
64645_rns_2011-11-29_96a5216d-1d19-4f63-b090-d350d57f88f7.pdf
Capital/Financing Update
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ASX/MEDIA ANNOUNCEMENT
CHARTER HALL GROUP COMPLETES $200M WHOLESALE EQUITY RAISING
Wednesday, 30 November 2011
Charter Hall Group (ASX:CHC) (the ‘Group’) today announced it has completed a $200 million equity raising for its Core Plus Office Fund (CPOF). At the full year results in August this year, the Group announced that approximately half of the $200 million additional equity targets for CPOF had been secured, with the balance of approximately $100 million likely to be committed by the end of the year. This raising has now been completed.
CPOF, the Group’s largest wholesale office fund, has a portfolio of approximately $1.4 billion with capacity to now grow by an additional $200 million. The initial $100 million raised within CPOF was invested in late 2010 for the acquisition of two strategic A-grade CBD assets in Brisbane and Melbourne. Brisbane Square was acquired with Telstra Super in October 2010 in a joint $318 million transaction, with CPOF also acquiring the remaining 50% interest in the $160 million 570 Bourke Street building in Melbourne.
Charter Hall’s Joint Managing Director, David Harrison, welcomed the additional wholesale equity investment which capitalises on the Group’s capacity to source and complete value accretive acquisitions and redevelopments.
“CPOF has acquired $234 million of high quality office buildings over the past year, which at 30 June 2011 were valued at $256 million, and we expect to secure further quality assets on a value accretive basis for our CPOF investors.
“The additional equity from domestic and international clients provides an ideal opportunity to deploy capital at a time in the cycle where we expect acquisitions and redevelopments to supplement existing portfolio returns to all CPOF investors. Our pipeline of opportunities suggests we will be able to deploy this capital in a value accretive manner for investors in the near term,” Mr Harrison said.
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For further information, please contact:
David Harrison
Joint Managing Director Tel: +61 412 259 751 [email protected]
David Southon
Joint Managing Director Tel: +61 418 479 155 [email protected]
Investor enquiries:
Media enquiries:
Kylie Ramsden Rachel Mornington-West Head of Listed Investor Relations Tel: +61 2 8295 1016 Tel: +61 28908 4093 [email protected] [email protected]
Senior Communications Manager Tel: +61 28908 4093 [email protected]
About the Charter Hall Group:
Charter Hall Group (ASX:CHC) is one of Australia’s leading fully integrated property groups, with 20 years’ experience managing high quality property on behalf of institutional, wholesale and retail clients. Charter Hall has over $10 billion of funds under management across the office, retail, industrial and residential sectors. The Group has offices in Sydney, Melbourne, Brisbane, Adelaide, Perth, Warsaw and Chicago.
The Group’s success is underpinned by a highly skilled and motivated team with diverse expertise across property sectors and risk-return profiles. Sustainability is a key element of its business approach and by ensuring its actions are commercially sound and make a difference to its people, customers and the environment, Charter Hall can make a positive impact for its investors, the community and the Group.