Transactions - SEPTEMBER 20, 2016

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Charter Hall buys Australian mall for A$197m

by Andrea Waitrovich

Charter Hall Group has created a new wholesale property partnership for retail shopping center assets, by co-investing with MTAA Super, which was advised by JGS Property, to acquire Campbelltown Mall in Sydney in an off-market transaction for a total purchase price of A$197 million ($149 million).

Charter Hall will manage the partnership, to be known as the Charter Hall Prime Retail Fund, and Charter Hall has committed to co-invest A$46 million ($35 million) toward the acquisition of the property, representing an initial 38 percent investment with initial leverage at 45 percent.

Campbelltown Mall is located in the core of one of Sydney’s largest southwestern suburban business districts and comprises an established, strongly performing convenience based shopping center. The property is anchored by Coles, Woolworths, Kmart, Target and Aldi together with 10 mini majors and 84 specialty tenancies, with a 98 percent occupancy. The shopping center has a total

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