Charter Hall Long WALE REIT Operational update and successful completion of $94.1m Entitlement Offer
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Charter Hall WALE Limited ( Responsible Entity), as responsible entity of Charter Hall Long WALE REIT (ASX:CLW) ( CLW or the REIT) is pleased to announce that:
- the REIT has agreed a lease extension with Electrolux Home Products Pty Limited (Electrolux) at 76 – 80 Howards Road, Beverley, South Australia (Electrolux, Beverley SA); and
- the REIT has successfully completed its fully underwritten 1 for 9.25 accelerated non- renounceable entitlement offer (Entitlement Offer).
Operational update
The REIT has agreed a 5 year lease extension with Electrolux which will result in the expiry date of its lease at 76 – 80 Howards Road, Beverley, South Australia being extended from December 2024 to December 2029. The property weighted average lease expiry (WALE) will increase to 11.9 years.
As a result of this agreement, and including the acquisition of the Virgin Australia Head Office, the REIT's WALE increases from 11.2 years to 11.3 years.
Avi Anger, Long WALE REIT Fund Manager said:
"We are very pleased to continue our strong relationship with Electrolux. This lease extension demonstrates the close working relationship we have with our tenant customers across both CLW and the broader Charter Hall business. The positive impact to the REIT's portfolio WALE further highlights the long term, secure and recurring income that an investment in the REIT offers to investors.”
The lease extension will result in a $1.5 million uplift to the value of the Electrolux Beverley asset. Together with the $19.6 million increase in independent valuations announced on the 4th December 2017, this brings the total December 2017 valuation gain across the REIT's portfolio to $21.1 million.
Completion of Entitlement Offer
The REIT has successfully completed its fully underwritten 1 for 9.25 Entitlement Offer to raise
approximately $94.1 million, announced to the market on Monday, 4 December 2017.
To read the document, click on the download link above.
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