Charter Hall sells Mentone Showrooms and completes Macquarie platform acquisition

30/09/2011 - PDF Version Available

Charter Hall Group (ASX:CHC) today announced it has exchanged contracts to sell Mentone Showrooms in Mentone, Victoria for $16.7 million to a private investor.

Following the restructure of the Core Plus Retail Fund, Charter Hall acquired two assets at Mentone.  Charter Hall sold one of the assets for $22 million in December 2010, with this latest sale resulting in a total of $38.7 million of capital being returned to Charter Hall.

The sale is expected to be earnings neutral until the capital is recycled into higher yielding investment activities. The Mentone Showrooms sale is expected to complete in October 2011. 

Charter Hall has also completed the acquisition from Macquarie Group Limited of all shares in Charter Hall Retail Management Limited and Charter Hall Direct Property Management Limited under the Share Sale Agreement (dated 12 February 2010 and as outlined in Charter Hall's ASX announcement on 1 March 2010) following the satisfaction of conditions precedent for a sum of $14.3 million.  This transaction completes the acquisition of the Macquarie real estate funds management platform.


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 2 8908 4025
david.southon@charterhall.com.au

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

Media enquiries:
Rachel Mornington-West
Senior Communications Manager
Tel: +61 2 8908 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).