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Charter Hall Long WALE, buyer sign contracts for 50% stake in Australian tower

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Charter Hall Long WALE, buyer sign contracts for 50% stake in Australian tower

Charter Hall Long WALE REIT and a sub-trust of Charter Hall Direct Office Fund exchanged contracts for a half stake in the ATO Adelaide building in Adelaide, Australia, which the former will sell to the latter for A$135 million.

Charter Hall Direct Office exercised its call option for DOF Franklin Street Trust to pick up the 50% interest in the property, located at 12-26 Franklin St. in the city, according to a release.

Shareholders of the real estate investment trust approved the stake sale at an Aug. 6 general meeting.

The grade A asset comprises 17 office levels and 114 parking spaces, spanning 37,316 square meters of net lettable area. ATO's 15-year lease will run until 2027, with two additional five-year extensions.