Charter Hall partnership acquires Bunnings portfolio for $258m
Transactions - NOVEMBER 18, 2020

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Charter Hall partnership acquires Bunnings portfolio for $258m

by Andrea Zander

Charter Hall wholesale partnership LWHP, which comprises VFMC, Telstra Super and CHC as partners, has acquired a A$353 million ($258 million) portfolio of six Bunnings assets located in prime Australian metropolitan markets.

The portfolio of modern Bunnings Warehouse retail stores was acquired at a yield of 4.63 percent. The portfolio, 85 percent of which is located in Sydney, Melbourne and Brisbane, has a WALE of 10 years and 2.5 percent annual rent reviews.

David Harrison, Charter Hall managing director and group CEO, said, “We are proud to further expand our strong relationship with Wesfarmers and Bunnings Group. Across the Charter Hall platform, we now have in excess of A$2.4 billion [$1.76 billion] invested in 59 Bunnings stores, 50 of which are located in metropolitan locations. This transaction represents our seventh Bunnings portfolio acquired since 2006 when we first recognized the strength of the Bunnings business, the relatively low rents per square meter

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