Charter Hall Group increases stake in CQR to 10%

21/10/2011 - PDF Version Available

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
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.

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