Charter Hall Group has launched a new NZD $262 million ($174 million) fund. The vehicle will be owned 50 percent by Charter Hall Long WALE REIT and 50 percent by Charter Hall Retail REIT.
Charter Hall said the fund has signed on to acquire a 49 percent interest in a NZ $534 million ($355 million) portfolio of 70 triple-net-lease retail properties let to bp in New Zealand.
The portfolio has been acquired in a sale and leaseback transaction and will carry a 20-year WALE at acquisition, with initial lease terms of properties in the portfolio ranging from 18 years to 22 years. In addition, the majority of the portfolio (78 percent) is located in metropolitan locations — 72 percent of which are in New Zealand’s top three cities. Auckland represents 51 percent of the portfolio value.
“This off market transaction further extends our relationship with bp, builds upon the success of our Australian Partnership and demonstrates our conviction in NNN leased Long WALE
