Charter Hall Group and Institutional Partner Acquire Bank of Queensland Building
Charter Hall Group (ASX:CHC) (Charter Hall or the Group) today announced that its Core Plus Office Fund (CPOF), in a 50:50 partnership with a global institutional partner, has entered into a contract to acquire the Bank of Queensland Building in Brisbane.
The building, which is currently under development, will comprise on completion approximately 24,800 square metres of lettable commercial office area, including 15 levels of PCA A-grade office space and 1,056 square metres of retail space. The Bank of Queensland has committed to 12,700 square metres of the building's office space on an initial 12 year term and will also occupy approximately 45% of the retail space when the building is completed in late 2014.
As part of the acquisition, which is due to complete on 9 May 2013, Charter Hall will provide all investment, property, leasing and financial management services for the partnership.
Charter Hall's Joint Managing Director, David Harrison, said: 'The acquisition is in line with our strategy of raising and deploying wholesale capital into core real estate opportunities and demonstrates our ability to match our capital partners' interests with attractive investment opportunities.'Charter Hall has a proven track record in delivering high quality office developments as part of our buy, build and hold strategy and will utilise our in-house development team to deliver this new A-grade building,' he added.
For further information, please contact:
Joint Managing Director
T: +61 8908 4033
Joint Managing Director
T: +61 8908 4025
Head of Listed Investor Relations
T: +61 2 8295 1016
Head of Marketing and Communications
T: +61 2 8908 4093
About the Charter Hall Group:
Charter Hall Group (ASX:CHC) is one of Australia's leading fully integrated property groups, with over 20 years' experience managing high quality property on behalf of institutional, wholesale and retail clients. Charter Hall has circa $10 billion of funds under management across the office, retail, industrial and residential sectors. The Group has offices in Sydney, Melbourne, Brisbane, Adelaide and Perth.
The Group's success is underpinned by a highly skilled and motivated team with diverse experti se across property sectors and risk-return profiles. Sustainability is a key element of its business approach and by ensuring its actions are commercially sound and make a difference to its people, customers and the environment, Charter Hall can make a positive impact for its investors, the community and the Group.