Charter Hall funds sell non-core industrial properties
Charter Hall Group has announced that two of its managed funds, the Prime Industrial Fund (CPIF) and the Core Logistics Partnership (CLP) have entered into an agreement for the sale of a portfolio of four smaller non-core industrial properties for $126 million.
According to the firm, the price reflected a premium above book value, and the portfolio comprised of four assets – three owned by CPIF and one asset was owned by CLP.
Charter Hall said that the industrial and logistics sector had been a key growth area for the group over past five years and was now Australia’s second largest industrial platform, with a $4.7 billion portfolio located in key Australia markets.
The transaction is expected to help improve the quality and size of underlying assets with the capital redeployed into strategic acquisitions and the development pipeline, the company said.
Charter Hall’s group executive, industrial, Paul Ford, said: “As an investment fund manager, performance is everything and this transaction demonstrates the group’s focus on being an active seller in order to further improve portfolio quality and enhance returns for our capital partners”.
“The strong demand from existing customers looking to grow within the portfolio and new customers looking to partner with us across the portfolio is allowing us to redirect capital to superior risk-adjusted returns by delivering on our de-risked development pipeline with high quality tenant pre-commitments,” he said.
The divestment portfolio comprised of:
- 175 Eagle Farm Road, Pinkenba, QLD
- 140-160 Robinson Road, Geebung, QLD
- 2-10 interchange Drive, Laverton North, VIC; and
- 5-29 Frederick Road, Tottenham, VIC
AUTHOR
Oksana Patron
Recommended for you
AUSIEX has announced it will acquire FIIG, a specialist fixed income provider with $4.5 billion in funds under advice.
Platinum Asset Management has announced it is in discussions with a global alternatives fund manager regarding a possible merger to create an $18 billion firm.
Frontier Advisors has bolstered its Japanese footprint through a partnership with the $350 billion asset management arm of Nippon Life Insurance Company.
JP Morgan Asset Management has appointed an ETF specialist from Vanguard as it seeks to expand its ETF range.
