Charter Hall Long WALE REIT - Portfolio Valuation Update
Share this page
LINKEDIN
FACEBOOK
TWITTER
EMAIL
3 mins
Share
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:
- you are not in the United States or a “U.S. person”, as defined in Regulation S under the U.S. Securities Act of 1933, as amended (“U.S. Person”), nor are you acting for the account or benefit of a U.S. Person;
- you will not make a copy of the documents on this website available to, or distribute a copy of such documents to, or for the account or benefit of, any U.S. Person or any person in any other place in which, or to any other person to whom, it would be unlawful to do so; and
- the state, territory or province and postcode provided by you below for your primary residence in Australia or New Zealand are true and accurate.
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 Long WALE REIT (CLW) today announces the results of June portfolio valuations.
CLW had 458 properties, or 92% of the portfolio by gross asset value independently valued as at 30 June 20211.
The valuations resulted in a $373.4 million, or 7.6% uplift on prior book values. The overall portfolio value has increased from $4.9bn to $5.3bn and the portfolio average cap rate has compressed 38bps from 5.14% to 4.76%.
The below table summarises the 6-month change in valuation:
| Sector | Prior book value (A$m) | Valuation (A$m) | Valuation uplift (A$m) | Change | Prior cap rate | Current cap rate | Change |
| Long WALE Retail | 1,512.3 | 1,614.2 | 101.9 | 6.7% | 5.15% | 4.84% | (0.31%) |
| Office | 1,311.7 | 1,364.0 | 52.3 | 4.0% | 5.33% | 5.11% | (0.22%) |
| Industrial & Logistics | 1,064.1 | 1,165.7 | 101.6 | 9.5% | 5.17% | 4.61% | (0.56%) |
| Social Infrastructure | 777.4 | 833.3 | 55.9 | 7.2% | 4.36% | 4.07% | (0.29%) |
| Agri-logistics | 240.5 | 302.3 | 61.8 | 25.7% | 6.44% | 5.21% | (1.24%) |
| Total | 4,906.1 | 5,279.5 | 373.4 | 7.6% | 5.14% | 4.76% | (0.38%) |
The table below summarises the 12-month change in valuation, noting that this reflects CLW’s like-for-like stabilised portfolio (i.e. does not include properties acquired during the period):
| Sector | June 2020 valuation (A$m) | June 2021 valuation (A$m) | Valuation uplift (A$m) | Change | June 2020 cap rate | June 2021 cap rate | Change |
| Long WALE Retail | 993.8 | 1,124.7 | 130.9 | 13.2% | 5.38% | 4.82% | (0.56%) |
| Office | 984.3 | 1,054.2 | 69.9 | 7.1% | 5.60% | 5.21% | (0.39%) |
| Industrial & Logistics | 1,009.5 | 1,165.7 | 156.2 | 15.5% | 5.42% | 4.61% | (0.80%) |
| Social Infrastructure | 401.3 | 463.2 | 61.9 | 15.4% | 4.47% | 3.85% | (0.62%) |
| Agri-logistics | 240.5 | 302.3 | 61.7 | 25.7% | 6.44% | 5.21% | (1.24%) |
| Total | 3,629.5 | 4,110.1 | 480.6 | 13.2% | 5.42% | 4.78% | (0.64%) |
Avi Anger, Fund Manager of CLW commented:
“The valuations announced today highlight the quality of the CLW portfolio and the benefits of properties with long leases to strong tenants. All our sectors reported improvements in valuations, with particular strength in our long WALE retail, industrial and agri-logistics assets. Collectively, our NNN portfolio saw a 9.7% uplift from prior book values. Charter Hall has carefully curated the CLW portfolio and it is pleasing to see the results of our asset and sector selection being rewarded with strong valuation gains.”
The unaudited impact of the valuations announced today is an increase to the pro-forma NTA per security from $4.65 to $5.24, a $0.59 or 12.8% increase on the December 2020 NTA2.
CLW will report the REIT’s Financial Year 2021 Results on 9th August 2021.
1 The $415.4 million of property acquisitions announced to ASX on 18 May 2021 and the acquisition of Bunnings Caboolture announced to ASX on 9 December 2020 were not revalued given their recent acquisition
2 December 2020 NTA pro-forma adjusted as outlined in Appendix A of the acquisitions and equity raising investor presentation released to ASX on 18 May 2021
Announcement authorised by the Board
Click here to view the ASX Announcement
Related News
.tmb-news.jpg?Culture=en&sfvrsn=410360ec_1 "ASX Announcement")
Charter Hall Group - Notice of 2023 Annual General Meeting of Securityholders and Explanatory Memorandum
Read more.tmb-news.jpg?Culture=en&sfvrsn=2e7e2809_1 "ASX Announcement")
Charter Hall Retail REIT - Notice of 2023 Annual General Meeting of Unitholders and Explanatory Memorandum
Read morec04cf533418b45a2a0142e5da4e32aff.tmb-news.jpg?Culture=en&sfvrsn=6ed9caa5_1 "ASX Announcement")
Charter Hall Long WALE REIT - Notice of Annual 2023 General Meeting and Explanatory Memorandum
Read moreTalk to us
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.
Talk to us
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.
- Terms of Use
- Privacy Policy
- Complaints Guide
- Feedback
