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September Building Approvals continue to fall
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Stockland add to North Sydney Development site
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Charter Hall Confirms 242 Exhibition Street Buy
July 13, 2019
Charter Hall Group confirmed that it has formed a partnership to acquire the Global HQ of Telstra at 242 Exhibition Street from Oxford Properties for a total consideration of $830 million.
The property will be owned by a wholesale partnership comprising the $5.4 billion Charter Hall Prime Office Fund, the Canadian Public Sector Pension Investment Board and Charter Hall.
The property comprises a premium 47 storey office tower, which provides for 65,913 sqm of NLA, incorporating 63,398 sqm of office accommodation over 43 floors and associated retail and car parking.
The property is currently undergoing an extensive base building upgrade works program, which includes full vertical transportation & mechanical upgrades and enhanced end of trip facilities.
The building is leased to Telstra Corporation (99.6% by NLA) and has a weighted average lease expiry (WALE) of 11.9 years with the Telstra lease expiring in FY32 plus subsequent options for renewal, benefiting from annual fixed rental reviews of 3.5%.
CPOF is currently undertaking a capital raising with approximately $300m of equity raised to date via a pre-emptive process with existing Fund investors. Proceeds from this raising will be used to help fund CPOF’s existing develop to core office pipeline which has an on-completion value of approximately $1.6 billion, to enhance the Fund’s existing portfolio mix.