Charter Hall Long WALE REIT buys Bunnings Warehouse in Mackay QLD

Company News

by Jessica Amir

Charter Hall Long WALE REIT (ASX:CLW) has expanded its portfolio with the purchase of Bunnings Warehouse in South Mackay, Queensland.

The real estate investment trust purchased the property for a total consideration of $28.5 million.

The 2.96-hectare freestanding property, is on a 12-year net lease to Bunnings Group Limited (ASX:BWP).

At the time of expected settlement in July 2017, 9.4 years will remain on the lease.

Charter Hall Long WALE REIT says it’s a compelling investment opportunity and also has 3% annual increases in rent.

The purchase will grow the porfolio by 2.1% to $1.36 billion.

Shares in Charter Hall Long WALE REIT (ASX:CLW) opened flat at $4.03.

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.