This article is from the Australian Property Journal archive
THE Charter Hall Long WALE REIT has completed the $165.7 million acquisition of a half interest in The Glasshouse office complex, which has just reached practical completion.
The Macquarie Park asset at 45-61 Waterloo Rd was picked up as part of a $331.5 million spending spree that included the purchase of Telstra’s Melbourne headquarters and a Bunnings Warehouse in Darwin.
Funding required for completion will be funded from the trust’s existing drawn debt facilities. The remaining 50% was bought by Charter Hall PFA Fund.
The A-Grade office building has a 12 year lease to the New South Wales Government’s Transport for NSW, representing approximately 70% of net income, with a three year rental guarantee provided by the vendor John Holland over the remaining space.
“The strategic focus on quality income across our portfolio is further enhanced, with government related entities collectively remaining our largest tenant,” fund manager of Charter Hall Long Wale REIT, Avi Anger said.
The Glasshouse is projected to achieve a 5 Star NABERS rating and 5 Star Green Star Design and As Built ratings.
CLW reaffirmed its fully year operating earnings guidance of 28.3 cents per security.
