The Sydney Morning Herald - December 21, 2007
Charter Hall announces that its managed fund DPF, has acquired in joint venture with the Perth based Wyllie Group, a $41 million portfolio of properties located within the inner city Melbourne suburb of Abbotsford.
The publicly listed Fosters Group has leased back the portfolio of 10 properties for 10 + 5+ 5 year periods. The properties are located adjacent to or nearby to the Fosters Abbotsford Brewery and the adjoining Yarra River. The buildings are predominantly used for offices, visitors and display centre together with open car parks used to accommodate staff working at the brewery.
“Abbotsford continues to be gentrified and we believe the long term outlook for these investments will provide both capital growth and secure, growing income returns with the benefit of 3.75% per annum rental increases” according to Charter Hall’s Joint Managing Director, David Harrison. The properties were secured on an initial yield of 7.12% and comprise a total of 20,000m2 of land area and a combined lettable area of buildings that are developed of approx 12,000m2.
The properties will be owned by a jointly owned trust managed by Charter Hall which intends to hold the assets over the medium to long term and may look to expand its jointly owned property holdings.
Colliers agents John Marasco and Nick Rathgeber negotiated the sale.
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Friday, December 21, 2007
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