Charter Hall Group has sold a 15% indirect interest in 242 Exhibition St to CLW for A$63.6 million(242 Exhibition St valued at $830m) which is the same acquisition price paid by Charter Hall.
Following the sale, Charter Hall continues to remain a part-owner in 242 Exhibition St, with a 1.8% stake.
”The sale is consistent with Charter Hall Group’s strategy of recycling capital to support the growth of its funds along with maintaining an on-going co-investment in these funds,” said in a statement..
“This sale is a great opportunity for CLW to acquire a high-quality Melbourne CBD asset with a long WALE to Telstra, one of Charter Hall Group’s key tenant customers. Charter Hall Group will continue to maintain exposure to this asset through its co-investment in CLW, the Charter Hall Prime Office Fund (CPOF) and directly on balancesheet,” said David Harrison, Managing Director and Group CEO.
The sale of the stake to CLW is expected to settle in early December.