Charter Hall wins PIR award
Charter Hall Direct WorkZone Trust, has been awarded the prestigious Unlisted Property Fund of the Year 2014 at the 20th Annual Property Funds Industry Forum hosted by independent research house PIR. Charter Hall Direct WorkZone Trust, which has a “AA+” rating from the research house, was commended for its high level of income return and strong covenants.
The trust is a single asset, closed-end property syndicate which is invested in the newly constructed A-grade WorkZone office building, located on the fringe of the Perth CBD. The trust successfully raised $73.7 million in January 2014, some six weeks after it was launched.
Speaking about the win, Head of Charter Hall’s Direct Property business Richard Stacker, said:“Charter Hall is pleased to receive this award which recognises the trust’s structure, its excellent tenant profile and potential capital growth through expected infrastructure improvements to the area surrounding the asset.
“It also reflects the strong regard for our team, our solid performance track record and the high quality property investment products that we continue to offer investors,” Mr Stacker added.
Dinesh Pillutla, the Managing Director of PIR said: “The trust was recognised for its robust property metrics including the tenant and term of the lease. We also took into consideration the relevant management skills and strong track record of Charter Hall as a property fund manager.
Mr Stacker added: “We are experiencing strong demand for our unlisted funds and continue to explore opportunities for funds that have the potential to deliver strong returns to investors”.
Charter Hall Direct Property has recently launched two new unlisted property funds which are suitable for retail investors, self managed super funds and high net worth individuals who are searching for higher yielding investments compared to cash, term deposits and A-REITs.
The Charter Hall Direct Industrial Fund No.3 (DIF3) is targeting to raise $150 million, which it will deploy into industrial assets that meet the fund’s investment mandate and strict investment criteria, covering location, lease term, tenant quality and occupancy. DIF3 received a “AA+” rating from PIR.
On DIF3 Mr Pillutla said: “The AA+, Highly Recommended rating given to DIF3 indicates that PIR believes this is a superior grade product that has exceeded the requirements of our review process across a number of key evaluation parameters and scored exceptionally in a number of categories”.
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