Charter Hall Group completes $200m wholesale equity raising

30/11/2011 - PDF Version Available

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.

For further information, please contact:


David Harrison
Joint Managing Director
Tel: +61 412 259 751
david.harrison@charterhall.com.au


David Southon
Joint Managing Director
Tel: +61 418 479 155
david.southon@charterhall.com.au


Investor enquiries:
Kylie Ramsden
Head of Listed Investor Relations
Tel: +61 2 8295 1016
kylie.ramsden@charterhall.com.au


Media enquiries:
Rachel Mornington-West
Senior Communications Manager
Tel: +61 28908 4093
rachelm@charterhall.com.au


This information has been prepared by Charter Hall Funds Management Limited ABN 31 082 991 786; AFSL 262861 ("CHFML") for information purposes only. This website is not an offer to sell or a solicitation or an offer to subscribe or purchase or a recommendation of any securities referred to herein and the information has not taken into account any potential investors' personal objectives, financial situation or needs. Before investing, you should consider your own objectives, financial situation and needs or you should obtain financial, legal and/or taxation advice.

CHFML does not receive fees in respect of the general financial product advice it may provide, however they will receive fees for operating the schemes of which it is the responsible entity ("Schemes") which, in accordance with the Schemes' Constitutions, are calculated by reference to the value of the assets of the Schemes. Entities within the Charter Hall Group may also receive fees for managing the assets of, and providing resources to the Schemes. For more detail on fees, see our latest annual report. To contact us, call 1300 365 585 (local call cost).