- Charter Hall Group has formed a joint venture with GIC to acquire the Chifley Tower in Sydney
- Following the deal, the company funds under management (FUM) will rise from approximately $1.8 billion to over 33 billion
Charter Hall Group has formed a joint venture with GIC to acquire the Chifley Tower in Sydney.
Charter will own 100 per cent of the Asset and Property management increasing the company funds under management (FUM) from approximately $1.8 billion to over 33 billion.
Chifley Tower is an Iconic Premium Grade office tower in the prime of Sydney CBD and has panoramic views of the Sydney Harbour and the botanical gardens.
GIC is a Singapore based global long term investor with well over US$100 billion in assets in over 40 countries.
Charter Hall is one of Australia’s leading fully integrated property groups, with over 28 years experience in property investment and funds management.
Charter Hall CEO David Harrison is pleased with the deal.
“We have used our diversified funds’ platform to bring two of our wholesale funds/partnerships together to form a joint venture with GIC to own one of Australia’s pre-eminent premium grade office towers situated on arguably the best prime CBD site in Sydney,” he said.
The property is leased to multiple blue-chip tenants including UBS, Investec, Sumitomo Mitsui Banking Corp and Morgan Stanley Australia.
“This off-market transaction reflects the deep relationships we have across our platform, extends the Office platform FUM to over $15 billion, whilst also extending a well-established 15-year relationship with GIC,” David said.
Recently Charter Hill brought the Telstra Building in Melbourne for $830 million.
Charter Hill has gained 3.01 per cent today and is currently selling shares for $11.47 per share.