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Charter Hall Long WALE REIT (ASX:CLW) (the REIT) is pleased to announce that it has entered into an agreement with Inghams in relation to an extension of the lease terms on a number of properties in the portfolio which was recently acquired by the REIT.
The leases of properties representing 62% of the recently acquired portfolio by income have been extended for terms ranging from 22 years to 34 years.
Details of the extended lease terms are as follows:
This has resulted in the Inghams portfolio WALE increasing from 15.8 years to approximately 24.6 years.
The REIT will provide Inghams with an $8 million capital incentive as part of this arrangement.
Including the extensions, the REIT’s pro forma portfolio WALE as at 31 December 2018 increases from 11.6 years to 12.6 years.
Avi Anger, CLW Fund Manager:
“Prior to the REIT acquiring this portfolio, Charter Hall had a strong relationship with Inghams owning approximately $259 million of properties leased to Inghams across its funds management platform. This lease extension announced today, further demonstrates Charter Hall’s strong relationships with our tenant customers and our ability to work with tenants to achieve mutually beneficial outcomes.”