Charter Hall increases stake in CQO to 10%

11/03/2011 - 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 Office REIT (ASX:CQO).

Charter Hall Group is acquiring 1.3% of CQO units on issue from MBL at $3.18 per unit for an acquisition price of $19.7 million, funded by cash reserves and undrawn debt capacity, increasing its interest in CQO to 10%. This acquisition is not expected to have a material impact upon the Group's earnings.

Charter Hall confirms that MBL may sell the remaining 4.7% stake in CQO at a price of $3.18 or more. Further, Charter Hall has been advised by the Gandel Group, that a member of the Gandel Group has contracted to purchase 1.9% of CQO units on issue.

Charter Hall advises it retains its right of first refusal relating to the 3.9% of Charter Hall Retail REIT (ASX:CQR) units retained by MBL and confirms it has not received a notice of intention to sell from MBL in relation to its investment in CQR units.


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).