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Charter Hall REIT buys retail, industrial properties in Australia for A$619M

Charter Hall Long WALE REIT agreed to acquire interests in various properties in Australia for a total of A$619 million, reflecting a weighted average capitalization rate of 5.2%.

The trust will buy a 49% interest in a national portfolio of 225 long WALE convenience retail properties leased to BP Australia Group Pty Ltd for A$420 million, representing a passing yield of 5.5%. Charter Hall will also purchase a 50% interest in Arnott's industrial property in Huntingwood, Sydney, for A$199 million, representing a passing yield of 4.5%.

All properties are 100% leased. The retail assets have a weighted average lease expiry of 20 years, while the manufacturing site has a lease term of 32 years.

To partially fund the transactions, the trust will raise A$350 million of equity via an institutional placement to raise about A$200 million and a 1-for-15 accelerated nonrenounceable entitlement offer to raise approximately A$150 million. The securities will be issued at a fixed price of $5.35 apiece.

Charter Hall also noted that an independent revaluation of 92 of its 158 properties as of December resulted in a A$83.5 million net rise, representing a 2.9% growth over prior valuations.

In addition, the trust raised its operating EPS guidance for fiscal 2020 to 28.3 cents per security, representing a 5.2% year-over-year rise.