Charter Hall Office Fund buys A $ 385 million Sydney asset from Dexus | News

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Charter Hall’s flagship Australian office fund bought an asset in Sydney from Dexus for A $ 385 million (€ 245 million).

The Charter Hall Prime Office Fund (CPOF) purchased the building at 383-395 Kent Street with an initial return of 5.1%.

CPOF Fund Manager Matthew Brown said, “This strategic acquisition builds on CPOF’s premier CBD asset portfolio, with multiple options for expansion and redevelopment.

Brown said the transaction supports the group’s strategy to acquire modern, high-quality assets where it can successfully create major CBD neighborhoods, given its prime location.

Charter Hall Office CEO Carmel Hourigan said the acquisition would bring CPOF’s total portfolio to A $ 9 billion.

She said CPOF will continue to cultivate its development strategies towards the core, with current developments under construction or in the planning stage in four major CBD markets.

These projects had secured rental pre-commitments from major customers, such as Amazon, Australia Post and Commonwealth Governments Services Australia.

Dexus said the sale price reflected a 1.3% premium over the last listed book value. The net proceeds from the sale would initially be used to repay the debt.

Dexus Chief Investment Officer Ross Du Vernet said: “This transaction is in line with our strategy to recycle some critical properties and reinvest in higher return opportunities, including our important development pipeline. “

To read the digital edition of the latest IPE Real Assets magazine, click here.

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