Archive | Charter Hall

World property Wed26Nov14 – Sydney apartments sell, funds buy Inghams portfolio

Stampede to buy latest luxury Sydney apartments
Charter Hall buys Inghams portfolio for 6 funds

Stampede to buy latest luxury Sydney apartment

Sydney property developer Crown Group sold the whole initial offering at its $A250 million Sydney by Crown project at 161 Clarence St in the cbd last weekend, in a price range that started at $A826,000.

Construction is scheduled to start early next year for completion in late 2017, on a site where Multiplex had planned a large development, but abandoned it 10 years ago.

The 25-storey Crown tower will have 220 apartments, including a collection of Crown Suites serviced apartments.

Australia’s Property Observer website said the 142m² penthouse was likely to be priced at just under $A50,000/m².

Links: Property Observer, Sydney by Crown secures weekend sellout
Crown Group

Charter Hall buys Inghams portfolio for 6 funds

ASX-listed Charter Hall Group said on Monday it had secured an $A171.4 million industrial portfolio leased to Australasian poultry producer & processor Inghams Enterprises Pty Ltd on behalf of its managed funds. The transaction reflected an average initial yield of 7.82%, benefiting from a weighted average lease expiry by income of 22 years.

The 6 properties will be split among 3 Charter Hall managed funds or partnerships.

Private equity firm TPG Capital LP put the whole Ingham property portfolio up for sale & leaseback in March, 9 months after buying Inghams Enterprises Pty Ltd for $A880 million ($NZ933 million).

Link: Charter Hall

Earlier story, 12 March 2014: TPG puts Inghams properties up for sale & leaseback 9 months after acquisition

Attribution: Crown Group, Property Observer, Charter Hall

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Charter Hall reit completes NZ selldown

Charter Hall Retail REIT said on Friday it had completed the sale of its remaining half interest in 2 New Zealand assets for $NZ8.2 million, allowing it repatriate $A7.3 million of net equity proceeds. That also completes the final selldown of the trust’s offshore exposure.

Settlement of the sale of the reit’s remaining 2 New Zealand assets, in Christchurch, begun in 2011, was delayed pending the purchaser obtaining adequate insurance cover, but Charter Hall expected the sale to be completed by the end of September 2011.

Charter Hall began the New Zealand selldown with the sale of 15 properties for $NZ85.3 million. The reit’s 50% interest in the 15 freestanding supermarkets was acquired by its New Zealand co-owner, ASL, which elected to terminate its joint-venture relationship with the reit in early 2010.

The retail real estate investment trust has an $A2 billion portfolio, all now in Australia.

Charter Hall said on 12 August it had entered into an unconditional contract to sell its remaining 2 German assets for a gross €80.8 million, completing its European selldown. The purchaser will assume all debt liabilities, which reduces the reit’s balance sheet gearing by 4% to about 33%.

Earlier story
18 April 2011: Charter Hall completes sale of all but 2 of its NZ supermarkets

Attribution: Company release.

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Charter Hall completes sale of all but 2 of its NZ supermarkets

Published 18 April 2011

Charter Hall Retail Reit (real estate investment trust) said on Friday it had completed the sale of most of its investment in the non-core New Zealand portfolio, with the sale of 15 properties for a total consideration of $NZ85.3 million, in line with its carrying book value.

The reit’s 50% interest in the 15 freestanding supermarkets was acquired by its New Zealand co-owner, ASL, which elected to terminate its joint-venture relationship with the reit in early 2010. The disposal price was determined by external valuation.

Settlement of the sale of the reit’s remaining 2 New Zealand assets, in Christchurch, has been delayed pending the purchaser obtaining adequate insurance cover. Charter Hall expects the sale to be completed by the end of September.

Charter Hall will use the net $A64.1 million proceeds to invest in redevelopment, acquiring new neighbourhood or sub-regional shopping centres or the buyback of reit units.

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Attribution: Company release, story written by Bob Dey for the Bob Dey Property Report.

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Charter Hall reit (ex-Macquarie CountryWide) completes US portfolio sale

Published 4 May 2010

ASX-listed Charter Hall Retail REIT (ex-Macquarie CountryWide Trust) said yesterday it had completed the final phase of the $US1.3 billion sale of its US portfolio. It also produced an operational update for the March quarter.

 

Chief executive Steven Sewell said the sale fully eliminated $A1.38 billion of scheduled $US CMBS (commercial mortgage-backed security) debt maturities and resulted in $A226 million in gross proceeds available for reinvestment in the trust’s core market, Australia.

 

This phase released $A26.4 million of net proceeds, increasing cash reserves & undrawn capacity to $A142 million and reducing balance sheet gearing to 38.7%.

 

The net operating income guarantee negotiated as part of the disposal is due to expire in July 2012, and Mr Sewell said on current forecasts it was expected to result in a further final $US20 million payment from the purchaser.

 

The reit’s exposure to the US has been reduced to 49 properties and 20% of the trust’s book value. 57% of the trust’s book value is in Australia and New Zealand.

 

The trust’s assets are predominantly grocery-anchored shopping centres. It said in its quarterly report it completed 59 new leases & renewals in the quarter at an average rental growth of 2.1%. Occupancy in Australia & New Zealand was 98.9%.

 

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Attribution: Company release, story written by Bob Dey for the Bob Dey Property Report.

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