Charter Hall’s office fund has acquired an office tower in Australia for AUD340m (€197m), to be funded partly by its recent capital raising of the same amount.
Charter Hall Prime Office Fund (CPOF) bought the building from the Singapore-based Chinese resource group Bright Ruby, which, in 2013, agreed to pay Investa Property Group AUD201m for the property.
The 15-level building, located at 231 Elizabeth Street in the mid-town precinct of Sydney, has a total net lettable area of about 23,275sqm.
The A-grade office is fully leased to telecommunication carrier Telstra, until 2020.
Matthew Brown, the fund manager said: “CPOF is putting to work equity raised that will help to further grow its existing portfolio of high quality assets, and continue its outperformance.”
Charter Hall Group’s Office CEO, Adrian Taylor, said: “This acquisition is in line with CPOF’s investment mandate to own institutional quality assets leased to strong tenant covenants in core locations.”
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