Sydney's Glasshouse sold to Charter Hall for $331 million
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Nov 6, 2019
Sydney's Glasshouse sold to Charter Hall for $331 million
The Glasshouse development in Sydney's Macquarie Park has been purchased by Charter Hall as part of a series of off-market acquisitions under its Long WALE REIT.
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Charter HallThe Glasshouse in Sydney's Macquarie Park.
The Charter Hall Long WALE REIT (CLW) has announced $331.5 million in acquisitions across Sydney, Melbourne and the Northern Territory.
In a statement released on Monday, the funding company revealed it had entered into agreements to acquire interests in two A-grade office buildings, including the Glasshouse in Macquarie Park.
A 50 per cent share in the new office building was purchased for $165.7 million, representing a passing yield of 5.0 per cent.
The remaining 50 per cent share in the Glasshouse has been sold to the Charter Hall-managed Direct PFA Fund.
Upon completion in March 2020, the building will present a high-quality A grade commercial office building covering 34,947 square metres of lettable area with 34,099 square metres of commercial office net lettable area over 8 levels, 848 square metres of gross lettable area, end of trip facilities and 350 private car spaces.
Other acquisitions announced by CLW include a 15 per cent share in 242 Exhibition Street, Melbourne for $63.6 million, representing a passing yield of 4.5 per cent, and a 100 per cent share in Bunnings Palmerston, Darwin for $41.3 million, representing a passing yield of 5.7 per cent.
CLW has committed to undertaking a fully underwritten $242 million equity raising (Equity Raising) to partially fund the Acquisitions and associated transaction costs.
Fund manager Avi Anger said the acquisitions "significantly enhanced" the CLW portfolio.
“These properties feature long leases to high-quality tenants with 83 per cent of income derived from NSW Government, Telstra and Bunnings Group Limited," he said.
"The acquisition portfolio WALE is 10.9 years with an attractive weighted average rent review (WARR) of 3.4 per cent p.a.
"The properties are also predominantly located in the strongly performing Sydney and Melbourne office markets.”
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Important Information:
Contact details:
Avi Anger
Charter Hall Fund Manager - Long WALE REIT
+612 8651 9000
Email
11751
11745
Avi Anger
