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CHARTER HALL GROUP — Capital/Financing Update 2011
Oct 20, 2011
64645_rns_2011-10-20_21b52c0e-213b-4307-a2c8-47d46cf38f3b.pdf
Capital/Financing Update
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ASX/MEDIA ANNOUNCEMENT
CHARTER HALL GROUP INCREASES STAKE IN CQR TO 10%
Friday, 21 October 2011
Charter Hall Group (ASX:CHC) (the ‘Group’) today announced it has exercised its right of first refusal to acquire a portion of Macquarie Bank Limited group’s (MBL) holding in Charter Hall Retail REIT (ASX:CQR).
Charter Hall Group is acquiring 1.7% of CQR units on issue from MBL at $3.20 per unit for an acquisition price of $16.2 million increasing its interest in CQR to 10%, funded from the proceeds of the sale of Mentone Showrooms for $16.7 million announced on 30 September 2011. This acquisition is expected to be slightly earnings accretive given CQR’s FY12 earnings guidance.
Further, Charter Hall has been advised by the Gandel Group, that members of the Gandel Group have contracted to purchase the remainder of MBL’s 2.3% of CQR units on issue.
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 28908 4093 [email protected] [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.