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As a leading property investment management company, we drive value and mutual success to bring aspirations to life.
Direct
Eight year fixed term fund with a two year capital raise period
>$150m
Following engagement with clients in late 2019, the Charter Hall Direct business identified a gap in the market - a number of advisers managing investments on behalf of Wholesale clients were looking for a fixed term product offering exposure to a diverse range of high-quality commercial property investments.
With a number of open investment opportunities across the Charter Hall Group, the Direct team set to work creating a product with the ability to invest in multiple unlisted Charter Hall managed products. This included a selection of our wholesale and institutional offerings, along with our traditional Direct funds. The end result was WPS1 and the fund launched in February 2020.
Highlights
- WPS1 was created to provide investors with exposure to a diversified portfolio of Australian commercial properties by combining some of Charter Hall’s best ideas into one property investment.
- WPS1 invests in unlisted property funds and partnerships managed by entities within Charter Hall Group, many of which are only available to institutional investors.
- The fund is not tied to a particular sector, providing a level of discretion when deploying funds with the goal being to maximise the outcomes and returns for investors.
How does it relate to our business objectives?
- We use our property expertise to access, deploy, manage and invest equity in core real estate sectors to create value and generate superior returns for our customers – WPS1 allows us to access new sources of capital and deploy this capital against some of our largest and most exclusive investment opportunities.
- For the quarter ending 30 June 2020, the fund produced a total return of 2.5%, materially outperforming the benchmark. The fund’s positive result was driven by strong performance in the Long WALE Hardware (Bunnings) and Industrial & Logistics sectors – two key areas of focus for the Charter Hall Group as we navigate the COVID-19 pandemic.
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How did we go further?
This fund was more complex in design than some of our traditional funds, and much harder to launch given the onset of COVID-19. Drawing upon our drive, the team persisted through the design and launch phase, and we are now seeing positive results. For some of our investor customers, they can now access funds that would normally be reserved only for large institutional investors.
What did we exemplify?
The design and launch of WPS1 exemplified our teams demonstrating our four values – active partnership, genuine insight, inventive spirit and powered by drive – by working alongside our clients to deliver a bespoke investment product at a challenging time.
What did we do differently?
We’ve created a unique investment product. The Direct business is primarily focused on open-ended funds with defined liquidity events – WPS1 is a closed-ended fund with a unique liquidity profile. Instead of owning and managing properties directly, this fund invests in other Charter Hall funds, many of which are generally inaccessible to non-institutional investors.
The creation of WPS1 solved a problem for a number of our existing clients by providing them with a unique investment product. Further, launching WPS1 opened the door to a new fund series and investor pool.
FY20 Reporting Suite
At Charter Hall we believe in going above and beyond. In doing more to help our tenants, investors, our people and the communities we operate in realise their full potential.
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