Charter Hall Group (ASX:CHC) (the Group) has created a new wholesale property partnership for retail shopping centre assets, by co-investing with one of Australia's largest super funds MTAA Super, who were advised by JGS Property, to acquire Campbelltown Mall in an off market transaction for a total purchase price of $197 million, reflecting a market capitalisation rate of 6.00%.
Charter Hall will manage the partnership, to be known as the Charter Hall Prime Retail Fund (CPRF), and the Group has committed to co-invest $46 million towards the acquisition of the property, representing an initial 38% investment with initial gearing at 45%.
Charter Hall’s Head of Retail, Greg Chubb said: “We are proud to welcome MTAA Super as our fifth institutional capital partner to our $2.3 billion retail wholesale funds management business. Our ability to acquire high quality properties off market and our position as a leading property investment and funds management business continues to see us attract new capital partners."
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