Charter Hall Group
(ASX:CHC) has entered a deal to acquire a 50% stake in supermarket giant Coles’ Melbourne headquarters in the suburb of Hawthorn East.
Charter Hall confirmed that it will pay $140.5 million for this transaction. Coles recently signed a new 15 year lease for its Melbourne headquarters, which will expire in 2030, and Charter Hall’s 50% interest is on a tenants-in-common basis.
The Group’s preference is to settle this acquisition through one its managed funds by March next year. However, if that doesn’t happen by then, the Group itself will use cash and debt to settle the acquisition – which would be slightly accretive to its operating earnings this financial year.
Charter Hall posted a net profit of $215.2 million at 30 June 2016.
