Charter Hall Group (ASX:CHC) (the Group) has created a new wholesale property partnership for retail shopping centre assets, by co-investing with one of Australia’s largest super funds MTAA Super, who were advised by JGS Property, to acquire Campbelltown Mall in an off market transaction for a total purchase price of $197 million, reflecting a market capitalisation rate of 6.00%
Charter Hall will manage the partnership, to be known as the Charter Hall Prime Retail Fund (CPRF), and the Group has committed to co-invest $46 million towards the acquisition of the property, representing an initial 38% investment with initial gearing at 45%.
Charter Hall’s Head of Retail, Greg Chubb said: “We are proud to welcome MTAA Super as our fifth institutional capital partner to our $2.3 billion retail wholesale funds management business. Our ability to acquire high quality properties off market and our position as a leading property investment and funds management business continues to see us attract new capital partners.
“The property is the seed asset for CPRF, which will focus on acquiring and actively managing larger convenience based retail centres with strong growth potential via leveraging Charter Hall’s extensive retail management platform,” Mr Chubb added.
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