By proceeding you confirm that you are a resident of Australia or New Zealand accessing this website from within Australia or New Zealand and you represent, warrant and agree that:
Unfortunately, legal restrictions prevent us from allowing you access to this website. If you have any questions, please contact us by e-mail by clicking on the link below.
Charter Hall Group (“Charter Hall”) (ASX:CHC) and Abacus Property Group (“Abacus”) (ASX:ABP) (together “the Consortium”), announces that CHAB Office Trust (“CHAB”) (an entity owned by the Consortium) has entered into conditional contracts to acquire the leasehold asset at 241 Adelaide Street, Brisbane, for $31.5 million, from Australian Unity Office Fund (ASX:AOF).
The Consortium has simultaneously entered into a conditional contract with the Brisbane Club to acquire the freehold interest, for consideration of $32 million, subject to a lease back of up to 5 years plus options. Both transactions are expected to settle simultaneously during 2021, once conditions precedent to settlement have been achieved.
Abacus and Charter Hall are expected to utilise existing liquidity to fund their respective equity investments in addition to asset level non-recourse debt for the property.
The property comprises approximately 10,107m2 of net lettable area plus car parking for 85 cars, located on the corner of Adelaide Street and the Anzac Square public park open space, providing a strategically core located asset, subject to a minimum 5 year lease back term from the Brisbane Club.
Steven Sewell, Managing Director of Abacus, and David Harrison, Managing Director and Group CEO of Charter Hall, commented:
“The acquisition of this quality building in a prime location in Brisbane CBD is a great opportunity for the Consortium to implement active asset management plans and capabilities to drive the returns from the asset.”
Announcement Authorised by the Managing Director and Group CEO
Click here to view the ASX Announcement
Thanks for your interest in Charter Hall. Fill in your details below and we’ll get back to you as soon as possible.
I am interested in
Enquiry
*Indicates that this field is required.
All personal information submitted will be treated in accordance with our privacy policy.
By registering and/or submitting personal data to Charter Hall, you agree that, where it is permitted by law and in accordance with our Privacy Statement or where you have agreed to receive communications from us, Charter Hall may use this information to notify you of our products and services and seek your feedback on our products and services. Please note you can manually opt out of any communications.
Thanks for your interest in Charter Hall. Fill in your details below and we’ll get back to you as soon as possible.
I am interested in
Enquiry
*Indicates that this field is required.
All personal information submitted will be treated in accordance with our privacy policy.
By registering and/or submitting personal data to Charter Hall, you agree that, where it is permitted by law and in accordance with our Privacy Statement or where you have agreed to receive communications from us, Charter Hall may use this information to notify you of our products and services and seek your feedback on our products and services. Please note you can manually opt out of any communications.
© Charter Hall Group, 2024.