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Charter Hall Acquires Strategic Property

Charter Hall Acquires Strategic Property
Aug 07, 2015 By Ben Visser

Charter Hall Group’s (ASX:CHC) Core Plus Industrial Fund (CPIF) has acquired the landmark former Fairfax print and distribution facility in Chullora, New South Wales for $45 million.

Charter Hall Group is a diversified property fund manager with a total managed property portfolio of $12.7bn. The Group develops and manages a suite of institutional, wholesale and retail unlisted property funds in which it holds investments

The acquired property is located on a 10.3 hectare corner site within the established Chullora industrial precinct. It was acquired with vacant possession and is a strategic land holding with extensive street frontage to the Hume Highway and Worth Street. The acquisition extends CPIF’s ownership of core holdings in land constrained Sydney industrial precincts.

CPIF Fund Manager, Paul Ford, commented, “The Chullora acquisition presents a strategic site acquisition in which CPIF can increase the floor space and capture strong tenant demand that exists for space within prime Sydney industrial precincts. The acquisition increases the Prime Sydney weighting of CPIF and extends the Group’s industrial platform beyond $3billion.”

CPIF is a $1.25 billion wholesale fund with prime industrial facilities in all major Australian cities with a development pipeline across the eastern seaboard that has the capacity to deliver in excess of $350 million of logistics facilities.

Charter Hall has experienced a recent pull back in its share price. The company continues to follow a solid business strategy and record positive results. Additionally, a consistent and growing dividend has attracted investors as the company’s share price continues to rise. Will the company reach pre GFC highs of $11? Only time will tell.

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Ben Visser Author: Ben Visser Aug 07, 2015

Ben is a Wise-owl equity analyst focusing on ASX blue-chips stocks. Ben has a Bachelor of Business in Finance majoring in property valuations and management. In his role at Wise-owl Ben conducts in-depth fundamental and technical analysis which helps him to find profitable investment opportunities on the ASX and abroad.

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