One of Australia’s leading fully integrated property groups, Charter Hall, plans to have a $900 million stake in the leasehold of the $1.8 billion Chifley Tower.
According to sources, the stake price would likely be struck on a yield of under 4.5 per cent. This would provide the group a greater avenue of consolidated exposure in Sydney’s financial district, noting that its Prime Office Fund owns the leasehold interest in the adjoining Gresham Building at 167 Macquire Street. The leasehold will end on June 2113.
Due to concerns about uncertainty in the sector, Singapore’s sovereign wealth fund GIC could possibly offload its half-share in the leasehold of the 50- storey tower.
Charter Hall’s Prime Office Fund has already secured the freehold title of the 70,000-square-metre, premium-grade office tower, which GIC offloaded in December for $98.5 million.
Image and article source: https://www.afr.com/real-estate/commercial/charter-hall-closing-in-on-chifley-tower-20190528-p51rvw
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