Charter Hall Office Real Estate Investment Trust
(ASX:CQO) has confirmed that it has sold its entire US portfolio to US-based Beacon Capital for $1.7 billion.
The final price is at 2 per cent premium to the $1.675 billion book value of the assets at the end of 2010.
Charter Hall says the sale formed part of its strategy of reweighting its portfolio to Australia to capitalise on the stronger Australian office market.
In addition, the company says the exit from the US was made to reduce the risks and high capital expenditure associated with the challenging US leasing environment.
In the first half of its 2011 financial year Charter Hall Office Real Estate Investment Trust reported a net profit of $64.8 million.
