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Further to the notification made by Charter Hall Group (ASX:CHC) (Charter Hall or the Group) to the ASX on the 27th of July, 2018, Charter Hall confirms settlement of the acquisition of the three building amalgamation on Queen Street Mall in Brisbane, known as “No. 1 Brisbane”.
The three property amalgamation fronting Queen Street Mall, George Street and Burnett Lane is the first asset in a new deep value investment strategy. In addition to settling the purchase, Charter Hall is also pleased to announce the introduction of a new wholesale partnership to own approximately 50% of the No. 1 Brisbane assets.
Charter Hall Group CEO and Managing Director David Harrison commented:
“We are pleased to have been able to secure this asset for our new fund initiative and with it, introduce a new capital club partnership. The acquisition of No. 1 Brisbane will increase FUM by approximately $100m and increase the Group’s Property Investment portfolio by approximately $30m reflecting the Group’s equity co investment.”