Charter Hall Long WALE REIT - Completion of The Glasshouse and Earnings Guidance
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Charter Hall Long WALE REIT (ASX: CLW) is providing the following update.
The Glasshouse, Macquarie Park
On 4 November 2019, CLW announced that it had contracted to acquire a 50% interest in The Glasshouse, 45-61 Waterloo Road, Macquarie Park, Sydney for $165.7 million (CLW’s 50% interest). Practical completion of construction occurred on 18 March 2020 with completion under the contract of sale to occur on 3 April 2020. Funding required for completion will be funded from existing CLW drawn debt facilities.
Fund Manager of CLW, Avi Anger commented
“We are pleased that construction of The Glasshouse at Macquarie Park has completed on program. This A-Grade office building features a 12 year lease to the NSW Government, representing approximately 70% (by net income), with a three year rental guarantee provided by the vendor over the remaining space. The building, a high quality addition to the CLW portfolio, is projected to achieve a 5 star NABERS rating and 5 Star Green Star Design and As Built ratings. The strategic focus on quality income across our portfolio is further enhanced, with government related entities collectively remaining our largest tenant.”
FY20 Operating Earnings Guidance
Based on current information available, CLW reaffirms the guidance of 28.3 cents Operating EPS for FY20 provided to the market on 10 February 2020.
Announcement authorised by the Board
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