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Charter Hall Group (ASX:CHC) has managed to raise $235 million to expand its investment in Bunnings partnerships.
The asset, call the Long WALE Hardware Partnership (WALE stands for weighted average lease expiry) managed to secure $185 million from a new institutional partner and gain a $50 million increase from the initial institutional partner.
The LWH Partnership is now valued at $418 million with a strong upside for growth. Joint Managing Director David Harrison said, ‘The extension of our strong relationship with two domestic institutional investors will drive our expanded market penetration into the hardware sector.
Charter Hall also says it has sold a $33 million stake in BP2 and the Keperra Square Shopping Centre.
Charter Hall Group (ASX:CHC) reported a net profit of $82.1 million for the 2014 financial year.
(20min delay)