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Charter Hall Group (Charter Hall or the Group) today announced that its Core Logistics Partnership (CLP or the Fund) has sold 2-30 Saintly Drive in Truganina, Victoria to Barings for $94.1 million, in line with book value, and with a passing yield of 4.7%.
CLP acquired the industrial property in 2015 for $41.7 million. It comprises three modern warehouses totalling 46,933 square metres, primarily leased to Catch.com.au and Efflog Operations with a weighted average lease expiry of 2.4 years.
The Fund will use proceeds of the sale to redeploy capital into accretive investments, including development of existing land banks, such as Charter Hall’s first inner-city multi-level warehouse in Sydney known as Ascent on Bourke.
CLP Fund Manager, Simon Greig, said, “Central to CLP’s strategy is delivering advanced industrial facilities and creating value for our investors. With a significant development pipeline in place, this sale enables us unlock capital that will be recycled into new opportunities for growth and drive greater returns for our investors.”