Sale of CHOF5's 50% interest in Little Bay Cove project
Charter Hall Group (ASX:CHC) (Charter Hall) announces that the Charter Hall Opportunity Fund No.5 (CHOF5) has entered into a conditional agreement with TA Global Development Pty Limited and TA Antarabangsa Development Limited for the sale of CHOF5's 50% interest in the Little Bay Cove project following completion of the estate works. The conditions for settlement include FIRB approval and further extensions of the senior debt facility from the financier.
The transaction is in line with CHOF5's current book value and has no material impact for Charter Hall, which has a 15% interest in CHOF5.
The conditional agreement requires amongst other things (i) TA Antarabangsa Development Limited to repay the existing senior debt facility for the project at completion and (ii) the Charter Hall parties (including Charter Hall, CHOF5 and its relevant subsidiaries) and the TA Global parties to provide and receive full releases with effect from completion.
The transaction is expected to be completed in early to mid 2014 in line with the completion of the estate works.
About Charter Hall
Charter Hall Group (ASX:CHC) is one of Australia’s leading fully integrated property groups, with over 22 years’ experience managing high quality property on behalf of institutional, wholesale and retail clients. Charter Hall has over $10 billion of funds under management across the office, retail and industrial 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 expertise 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.
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