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Charter Hall Group (Charter Hall or the Group) today announced that it has acquired and settled “off-market” 17 assets totalling more than $560 million located within prime industrial precincts across the eastern seaboard.
The significant volume of off-market acquisitions completed by Charter Hall’s transaction team in the last 3 months follows the $2.7 billion of Industrial and Logistics assets during Financial Year 20/21.
The majority of assets purchased are leased stabilised assets, underpinned by high-quality tenant covenants, with long lease terms ranging up to 16.9 years, all of which are well-located in large industrial precincts with proximity to major infrastructure and metropolitan areas. The average WALE of stabilised assets approximates 10 years. Within the recent $560 million of acquisitions, Charter Hall has purchased a number of development sites, which will bolster its development pipeline including stabilised assets with surplus land for expansion/development.
Charter Hall Managing Director and Group CEO, David Harrison, said, “These acquisitions build on our strong momentum in acquiring high-quality industrial assets in prime locations across Australia. The volume and scale of these acquisition speaks to the unmatched capability of our elite transaction team. We continue to lead the Australian market in deal volume, and our ability to secure high-quality assets off-market continues to deliver long-term value for the business and superior outcomes for our capital partners and investors.”
Major tenant customers secured with the latest acquisitions include Australia Post, Toll, Kmart, Border Express, Cleanaway, Zirconia (Iron Mountain) and State government agencies.
Charter Hall Industrial and Logistics CEO, Richard Stacker, said, “The breadth and diversity of our fund capital provides the capacity to act quickly and execute in line with vendor expectations. With a further $3 billion of investment capacity together with a captive development pipeline, we would expect our $16 billion industrial portfolio to grow beyond $20 billion over coming years.”