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Fundraising - OCTOBER 17, 2019

Charter Hall Group raises $488m more for industrial fund

by Kali Persall

Australia-based Charter Hall Group has received an additional A$725 million ($488 million) in capital commitments for its open-ended Charter Hall Prime Industrial Fund (CPIF), Adrian Harrington, head of capital and product development at Charter, confirmed in an email.

The fund focuses on sourcing properties in the industrial and logistics sectors of major Australian capital cities. Its A$3.9 billion ($2.6 billion) industrial and logistics portfolio is composed of 63 assets.

Launched in 2007, CPIF opens for new capital on occasion, when the firm sees opportunities to deploy capital, according to Harrington. The oversubscribed fund was originally targeting A$600 million ($404 million) and upscaled to take some of the extra demand.

The investor base experienced a shift from last year’s capital raise, which had more global investors than domestic. Harrington noted that this year the number of domestic investors was greater, as Australian investors are generally more underweight industrial than their global peers.

A number of investors are still in line to commit to the fund.

The latest fundraise will unlock A$5 billion ($3.4 billion) in spending capital for the fund, which has already started deploying capital.

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