Charter Hall sells 3 properties for $25 million

13/05/2009 - PDF Version Available

Charter Hall Group (CHC) is pleased to announce that its Core Plus Retail Fund (CPRF) has exchanged unconditional contracts to sell Bunnings Bendigo and Nowra for a total of $20 million to private investors, reflecting yields of 7.39% and 7.7% respectively, through agents Burgess Rawson.

These initial sales represent the early results of marketing campaigns initiated to meet the previously announced de-leveraging strategy.

A further sale of a $4.2 million property at Mitcham within the Diversified Property Fund (DPF) has been exchanged through CBRE, representing the first of several assets targeted for sale in DPF.

Charter Hall's Joint Managing Director, David Harrison expects further sales to be finalised in coming months as the Group's managed funds sell assets with long term leases to an investor market that "continues to show interest in low risk, well leased property assets, providing fixed rental increases".


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).