Charter Hall continues to expand its office portfolio

Charter Hall announced the acquisition of two prominent Sydney office buildings, 10 and 12 Shelley St, in Sydney’s King Street Wharf precinct, for $804M from Canadian investment firm Brookfield. The deal, which was announced quietly before Christmas, represents a continuation of Charter Hall’s impressive growth with the fund manager now managing just under $13B of office assets, up from $10B from 12 months ago.

The two A-grade office buildings are in a prime location next to the prominent Barangaroo precinct and are anchored by Suncorp and American Express, with a net lettable area of 42,000 sqm and a WALE of 9.5 years.

CHC acquired the two assets through a partnership structure involving three of its unlisted funds. 10 Shelley Street was acquired jointly by Charter Hall Prime Office Fund (CPOF) and Charter Hall Direct Office Fund. 12 Shelley Street was acquired by CPOF and the Charter Hall Direct PFA Fund.