Charter Hall’s CPIF Acquires Fairfax Chullora Site
Charter Hall Group (ASX:CHC) (Charter Hall or the Group) today announced that its Core Plus Industrial Fund (CPIF) has acquired the landmark former Fairfax print and distribution facility in Chullora, New South Wales, for $45 million.
The property, located on a high profile 10.3 hectare corner site within the established Chullora industrial precinct, has been acquired with vacant possession and is a strategic land holding with extensive street frontage to the Hume Highway and Worth Street. The acquisition extends CPIF’s ownership of core holdings in land constrained Sydney industrial precincts.
CPIF Fund Manager, Paul Ford said the acquisition was consistent with the Group’s strategy of acquiring properties in land constrained areas, with the ability to unlock value and leverage off existing customer relationships.
“The Chullora acquisition presents a strategic site acquisition in which CPIF can increase the floor space and capture strong tenant demand that exists for space within prime Sydney industrial precincts. This acquisition increases the Prime Sydney weighting of CPIF and extends the Group’s industrial platform beyond $3 billion.”
CPIF is a $1.25 billion wholesale fund with prime industrial facilities in all major Australian cities with a development pipeline across the eastern seaboard that has the capacity to deliver in excess of $350 million of logistics facilities.
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