Charter Hall Group (ASX:CHC) (Charter Hall or the Group) and the Foundation Investors of Commercial and Industrial Property Pty Ltd (CIP) today announced they have entered into binding documentation with ESR Developments (Australia) Pty Ltd (ESR) for the sale of CIP.
The sale price represents an enterprise value for CIP of $102.5 million, with the Group’s 50% share of net proceeds delivering a $9.5 million premium to Charter Hall’s carrying book value.
Charter Hall’s Managing Director and Group CEO, David Harrison said: “Since the acquisition of a 50% shareholding in 2007, the partnership has been a successful strategy for both Charter Hall and CIP delivering an approximately 10% per annum average cash franked dividend to shareholders.
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