Charter Hall Group and Abacus Property Group have announced that CHAB Office Trust (CHAB), which is jointly owned by Charter Hall Group and Abacus Property Group, is to acquire the leasehold asset at 241 Adelaide St. in Brisbane, Australia, from Australian Unity Office Fund for A$31.5 million ($24.4 million).
The consortium has simultaneously entered into a conditional contract with the Brisbane Club to acquire the freehold interest, for consideration of A$32 million ($24.8 million), subject to a leaseback of up to five years plus options. Both transactions are expected to settle simultaneously during 2021, once conditions precedent to settlement have been achieved.
Abacus and Charter Hall are expected to utilize existing liquidity to fund their respective equity investments in addition to asset-level nonrecourse debt for the property.
The property comprises approximately 10,107 square meters (109,470 square feet) of net leasable area plus car parking for 85 c
