Charter Hall Long WALE REIT snaps up 3 hotels for $23.2m

Company News

by Jessica Amir

Charter Hall Long WALE REIT (ASX:CLW) has announced the Long WALE Investment Partnership (LWIP) has snapped up three hotels in a sale and leaseback transaction for $23.2 million. 

The Real Estate Investment Trust owns 45 per cent of the Long WALE Investment Partnership (LWIP), alongside Hostplus and the Charter Hall Group.

The properties include the Brunswick Hotel in New Farm, Queensland, The Old Sydney Hotel in Maryborough, Queensland and the Ship Inn Hotel in Busselton Western Australia.

Charter Hall Long WALE REIT says the three properties are strong performers on a new 15-year lease, with triple-net leases and include BWS or Dan Murphys outlets at each of the sites.

The transaction will be slightly accretive to FY18 earnings.

Shares in Charter Hall Long WALE REIT (ASX:CLW) are trading 0.46 per cent lower to $4.29.

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.