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Charter Hall sells A$126M Australian logistics portfolio

Charter Hall Group sold a A$126 million logistics property portfolio in Australia to Blackstone, which further expanded its holdings of industrial assets in the country, The Australian Financial Review reported.

The private equity firm acquired four noncore industrial properties in Victoria and Queensland. The 150,000-square-meter portfolio has a 95% occupancy, with a lease expiry of 5.2 years. Charter Hall's Prime Industrial Fund and Core Logistics Partnership held the assets.

Blackstone purchased the properties in a deal that provided Charter Hall with a premium to book value and an equated capitalization rate of 6.98%, according to the April 9 report.

Charter Hall intends to use the proceeds from the sale as funding for new acquisitions and for its pipeline of development projects, which will likely deliver A$1.3 billion of new industrial properties with 850,000 square meters of space.

As of April 7, US$1 was equivalent to A$1.33.