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CHARTER HALL GROUP — Capital/Financing Update 2014
Aug 17, 2014
64645_rns_2014-08-17_f6e31af7-0148-4936-85f7-2bbece3ed72c.pdf
Capital/Financing Update
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ASX Release
Charter Hall sells 50% interest in $127 million Bunnings Partnership 2 portfolio to institutional investor 18 August 2014
Charter Hall Limited ACN 113 531 150 Charter Hall Funds Management Limited ABN 31 082 991 786 Level 20, No.1 Martin Place Sydney NSW 2000 GPO Box 2704 Sydney NSW 2001 T +61 2 8651 9000 F +61 2 9221 4655 www.charterhall.com.au
Charter Hall Group (ASX:CHC) (Charter Hall or the Group) today announced its recently established Bunnings Partnership Fund 2 (BPF2) has introduced a 50% equity partner into the wholesale trust that acquired the $127million portfolio of Bunnings retail stores acquired from Bunnings announced in May 2014. The BPF2 portfolio comprises approximately 50% of metropolitan located stores in the Perth suburb of Armadale and the Gold Coast suburb of Burleigh Heads, with regionally located Bunnings stores at Gympie and Mackay in Queensland. All properties are leased to Bunnings on new 12 year leases and provide average 3% per annum rental increases.
Charter Hall has now reduced its equity investment from $59.2 million (100% as announced in May 2014) to $30 million(50.1%), which combined with non recourse bank debt facilities will fund the portfolio. The Group is in advanced discussions with further co-investors to accommodate further growth in the portfolio.
Charter Hall’s Joint Managing Director, David Harrison, said: “We are pleased to continue our strategy of securing high quality, long WALE assets that attract capital partners and drive attractive total returns to Charter Hall and its investment partners. The recycled cash will provide capacity to co invest in other portfolio opportunities”.
About Charter Hall
Charter Hall Group (ASX:CHC) is one of Australia’s leading fully integrated property groups, with over 22 years’ experience managing high quality property on behalf of institutional, wholesale and retail clients. Charter Hall has over $10.6 billion of funds under management across the office, retail and industrial sectors. The Group has offices in Sydney, Melbourne, Brisbane, Adelaide and Perth.
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.
For further information, please contact
David Harrison
For investor enquiries, please contact
Nick Kelly
For media enquiries, please contact
Rachel Mornington-West
Joint Managing Director Head of Investor Relations Head of Marketing and Communications T +61 8651 9142 Charter Hall Charter Hall [email protected] T +61 8651 9235 T +61 8651 9248 - [email protected] rachel.mornington David Southon [email protected]
Joint Managing Director T +61 8651 9143 [email protected]
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