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CHARTER HALL GROUP — Capital/Financing Update 2020
Nov 16, 2020
64645_rns_2020-11-16_dad8c13f-8c1b-44b3-854c-3c7bf0fc1443.pdf
Capital/Financing Update
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ASX Release
Charter Hall Partnership acquires Bunnings Portfolio for $353 million
17 November 2020
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 wholesale partnership LWHP, which comprises VFMC, Telstra Super and CHC as partners, acquired a $353 million portfolio of six Bunnings assets located in prime metropolitan markets.
The portfolio of modern Bunnings Warehouse retail stores was acquired on a yield of 4.63%. The portfolio, 85% of which is located in Sydney, Melbourne and Brisbane, has a WALE of 10 years and 2.5% annual rent reviews.
Charter Hall Managing Director and Group CEO, Mr David Harrison said: “We are proud to further expand our strong relationship with Wesfarmers and Bunnings Group. Across the Charter Hall platform we now have in excess of $2.4 billion invested in 59 Bunnings stores, 50 of which are located in metropolitan locations. This transaction represents our seventh Bunnings portfolio acquired since 2006 when we first recognised the strength of the Bunnings business, the relatively low rents per square metre of lettable area and the large prime sites Bunnings typically occupy.”
LWHP Fund Manager, Mr Ben Ellis confirmed “This off-market acquisition extends the Bunnings relationship, expands our off-market transaction track record and enhances the diversity and breadth of the LWHP partnership which has been one of our most successful partnerships delivering an IRR since inception exceeding 15%.”
The off-market deal was introduced to Charter Hall by Sam Hatcher of JLL.
Announcement Authorised by the Chair and CEO.
Charter Hall Group (ASX: CHC)
With over 29 years' experience in property investment and funds management, we're one of Australia's leading fully integrated property groups. We use our property expertise to access, deploy, manage and invest equity across our core sectors - office, industrial & logistics, retail and social infrastructure.
Operating with prudence, we've carefully curated a $43.4 billion diverse portfolio of over 1,300 high quality, long leased properties. Partnership and financial discipline are at the heart of our approach. Acting in the best interest of customers and communities, we combine insight and inventiveness to unlock hidden value. Taking a long term view, our $6.8 billion development pipeline delivers sustainable, technologically enabled projects for our customers.
The impacts of what we do are far-reaching. From helping businesses succeed by supporting their evolving workplace needs, to providing investors with superior returns for a better retirement, we're powered by the drive to go further.
For further enquiries, please contact For investor enquiries, please contact For media enquiries, please contact David Harrison Philip Cheetham Adrian Harrington Managing Director and Group CEO Head of Listed Investor Relations Head of Capital and Product Development Charter Hall Charter Hall Charter Hall T +61 2 8651 9142 T +61 403 839 155 T + 61 410 489 072 [email protected] [email protected] [email protected]
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