Sale of part-stake in 242 Exhibition St

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Charter Hall Group (ASX: CHC) today announces the sale of a part-stake in 242 Exhibition St, Melbourne, the global headquarters of Telstra Corporation Limited (Telstra) to Charter Hall Long WALE REIT (ASX: CLW).

Charter Hall Group has sold a 15% indirect interest in 242 Exhibition St to CLW for $63.6 million1 which is the same acquisition price paid by Charter Hall. Following the sale, Charter Hall continues to remain a part-owner in 242 Exhibition St, with a 1.8% stake.

The sale is consistent with Charter Hall Group’s strategy of recycling capital to support the growth of its funds along with maintaining an on-going co-investment in these funds.

Managing Director and Group CEO David Harrison commented: “This sale is a great opportunity for CLW to acquire a high-quality Melbourne CBD asset with a long WALE to Telstra, one of Charter Hall Group’s key tenant customers. Charter Hall Group will continue to maintain exposure to this asset through its co-investment in CLW, the Charter Hall Prime Office Fund (CPOF) and directly on balancesheet.”

The sale of the stake to CLW is expected to settle in early December.

¹ 242 Exhibition St valued at $830m.

View ASX Announcement