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Charter Hall Retail REIT And Charter Hall Group Announces Sale Of Home HQ Nunawading, Victoria


Monday, 15 Jul 2013 12:14am EDT 

Charter Hall Retail REIT announced that, together with its 50% co-investment partner, Charter Hall Group, it has settled on the sale of Home HQ Nunawading for $48 million (100% value) to a private investor. The gross sale price is in line with an independent June 2013 valuation and represents a market equivalent capitalisation rate of 10.7%. This asset was the REIT's last remaining Household Retail property following the sale of the Mile End Centre in Adelaide in December 2012. The sale will result in the repayment of the REIT's only FY14 debt maturity, a $27.5 million (100% share) property level debt facility maturing in November 2013, and deliver $10 million in net equity proceeds to the REIT. It is expected that these net proceeds will be reinvested into higher Australian acquisitions or redevelopments, albeit at lower initial returns and subject to timing of redeployment. 

Company Quote

4.02
0.02 +0.50%
30 Jul 2014