Charter Hall Long WALE REIT - Expanding relationships with NNN tenants
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Charter Hall Long WALE REIT (ASX: CLW) today announces two new acquisitions, sourced off market through existing tenant relationships.
CLW is pleased to announce the acquisition and settlement of the ALH Group (ALH) leased Indooroopilly Hotel, Brisbane for $13.2 million1 reflecting a capitalisation rate of 5.50%. The hotel was acquired in CLW’s Long WALE Investment Partnership (LWIP) joint venture. This Partnership now comprises a national portfolio of 60 properties which are leased to ALH on a triple net lease (NNN) basis with a portfolio weighted average lease expiry of 14.1 years as at 30 June 2020. 49 properties in the LWIP portfolio have either a Dan Murphys or BWS component to them. Upon settlement of the Indooroopilly Hotel, ALH entered into a new 15 year, NNN lease at this property.
CLW has also further extended its relationship with SUEZ by expanding its portfolio of NNN industrial properties leased to SUEZ.
CLW is pleased to announce the acquisition and settlement of a waste transfer facility in North Ryde, Sydney for $15 million reflecting a capitalisation rate of 5.0%. The property was acquired from SUEZ on a sale and leaseback basis, with a new 20 year, NNN lease from settlement.
In addition, CLW recently completed a 2,100sqm warehouse expansion at the existing CLW SUEZ leased property in Welshpool, Perth for a cost of $2 million. Upon completion of construction, the lease term remaining of the new warehouse and the existing facility has been reset from 11.5 years to 15 years and the rent for this property has been increased to reflect the cost of the expansion.
With these acquisitions, NNN leases now account for 46% of CLW’s net passing income.
Fund Manager of CLW, Avi Anger commented
“an important attribute of CLW is the active asset management of the portfolio and the strong relationship we maintain with the tenants across our portfolio. We are pleased to extend our relationship with two important CLW tenants, ALH Group and SUEZ, as a result of these recent long WALE acquisitions and the SUEZ warehouse expansion.”
1 Reflecting a 100% ownership interest. CLW’s 49.9% interest is $6.6 million
Announcement authorised by the Chair
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