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CHARTER HALL GROUP — Capital/Financing Update 2020
Sep 9, 2020
64645_rns_2020-09-09_c0fa40be-3781-447a-8a81-9c8ef4b9fe7d.pdf
Capital/Financing Update
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ASX Release
Extending the “bp Partnership” – Creation of NZD $262 million bp NZ Fund
10 September 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 Group (ASX:CHC) announces that it has extended its Partnership with global multinational corporation “ bp ”, by creating a new fund that has contracted to acquire a 49% interest in a NZ $534 million portfolio of 70 triple net leased (NNN), Long WALE Convenience Retail properties leased to bp in New Zealand.
The portfolio, consisting of the majority of bp ’s owned Convenience Retail properties in New Zealand, has been acquired in a sale and leaseback transaction and will have a 20-year WALE at acquisition with initial lease terms of properties in the portfolio ranging from 18 to 22 years.
The portfolio is geographically diversified with 78% of the portfolio in metropolitan locations and 72% located in NZ’s top 3 cities, with Auckland representing 51% of the portfolio value.
The Charter Hall managed fund will be owned 50% by Charter Hall Long WALE REIT (ASX: CLW) and 50% by Charter Hall Retail REIT (ASX: CQR). The fund value is approximately NZD $262 million and represents a 6.25% initial yield.
Completion of the transaction is subject to approval by the New Zealand Overseas Investment Office.
Managing Director and Group CEO David Harrison said: “This off market transaction further extends our relationship with bp , builds upon the success of our Australian Partnership and demonstrates our conviction in NNN leased Long WALE convenience retail.”
Announcement Authorised by the Chair and Managing Director and Group CEO
Charter Hall Group (ASX: CHC)
With over 30 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, retail, industrial & logistics and social infrastructure.
Operating with prudence, we’ve carefully curated a $41.8 billion plus diverse portfolio of over 1300 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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