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Initial fundraising for Charter Hall Prime Office Fund closes at A$340M

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Initial fundraising for Charter Hall Prime Office Fund closes at A$340M

Charter Hall Group garnered A$340 million for its Charter Hall Prime Office Fund at the initial close of the A$500 million equity offering within eight weeks of its launch, IPE Real Assets reported, citing Richard Stacker, Charter Hall's global head of investor relations.

Stacker said the funds came from five investors, with the bulk contributed by three existing investors. The A$3.5 billion office fund also attracted capital from two new investors, including a Japanese pension fund and an Australian super fund.

According to Stacker, the balance of A$160 million is expected to be taken up by new investors who are conducting due diligence on both Charter Hall and Charter Hall Prime Office Fund, with final close set to take place in the 2018 first quarter.

Charter Hall will use the proceeds in part to finance the fund's active development pipeline of approximately A$1.5 billion.