Charter Hall sells Bunnings Belconnen for $20.5 million

10/06/2009 - PDF Version Available

Charter Hall Group (CHC) is pleased to announce that its Core Plus Retail Fund (CPRF) has exchanged contracts to sell the Bunnings Belconnen asset to a private investor syndicate for $20.5 million, with settlement due by 30 June, 2009. The sale reflects an initial yield of 7.6% and a discount to the 31 December 2008 independent value of 5.75%.

Total property sales of $62.32 million have now been exchanged, which once completed will reduce the property LVR of CPRF to c. 40%.

This continues the sale program for CPRF as outlined in recent announcements and further supports the strong private investor market emerging for bulky retail assets.

The off market transaction was facilitated by Colliers International.


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).