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Charter Hall Long WALE REIT (ASX: CLW) today announces the results of December portfolio valuations, the divestment of 56 Edmondstone Road, Bowens Hills, Brisbane and the December quarter FY22 distribution.
December 2021 portfolio valuations
CLW had 95% of the portfolio by gross asset value independently valued as at 31 December 2021.
The valuations resulted in a $529 million, or 8.1% uplift on prior book values, increasing the overall portfolio value from $6,511 million1 to $7,040 million during the six month period to 31 December 2021. The portfolio’s weighted average cap rate has compressed 37bps from 4.78%1 to 4.41%.
The unaudited impact of the valuations announced today are expected to increase CLW’s estimated pro-forma June 2021 NTA per security from $5.111 to $5.85, a $0.74 or 14.4% increase2.
Divestment of 56 Edmondstone Road, Bowen Hills, QLD
CLW is also pleased to announce today that it has contracted to sell 56 Edmondstone Road, Bowen Hills, Brisbane for net price of $70.9 million. Settlement is expected to occur on 22 December 2021.
Post divestment of this property, CLW’s portfolio valuation and average cap rate as at 31 December 2021 is forecast to be $6,982 million and 4.39% respectively.
December Quarter FY22 Distribution
CLW also declares the distribution for the quarter period ending 31 December 2021 of 7.62 cents per security.
The distribution reinvestment plan will be active for this period.
CLW will report the REIT’s Half-Year FY22 Results on Tuesday, 8 February 2022.
Announcement Authorised by the Board
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1 As at 30 June 2021, adjusted to include all property acquisitions that have settled or are expected to settle in the six month period to 31 December 2021 inclusive of the
acquisition of a 50% interest in the ALE Property Group expected to settle on 17 December 2021, capital expenditure and additions during the period
2 Subject to audit and finalisation of 31 December 2021 statutory accounts (including confirmation of the NZD/AUD exchange rate as at 31 December 2021) and excluding any movement of interest rate derivatives during the period