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ABL acts for Charter Hall on purchase of $353m Bunnings portfolio

Banking & Finance, Property & Development
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Arnold Bloch Leibler has advised Charter Hall Group and its institutional investors on the acquisition of a $353 million portfolio of six Bunnings assets located in prime metropolitan markets, including Sydney, Melbourne and Brisbane.

As reported in the Australian Financial Review, the properties were sold in an off-market deal representing a yield of 4.63 per cent.

ABL partners Stephen Sharp and Tyrone McCarthy led the team acting on the deal. Other team members included Senior Associate Brianna Youngson, Lawyer Crosby Radburn and Law Graduate Tamsen Kempster.

Tyrone congratulated the client on the transaction: "We're pleased to have supported Charter Hall on this quality investment representing value for all equity holders."

In Charter Hall’s announcement, Managing Director and Group CEO David Harrison commented: "We are proud to further expand our strong relationship with Wesfarmers and Bunnings Group. Across the Charter Hall platform we now have in excess of $2.4 billion invested in 59 Bunnings stores, 50 of which are located in metropolitan locations.

"This transaction represents our seventh Bunnings portfolio acquired since 2006 when we first recognised the strength of the Bunnings business, the relatively low rents per square metre of lettable area and the large prime sites Bunnings typically occupy.”

Earlier this year, ABL also advised Charter Hall on its acquisition - via a Charter Hall managed fund, with Charter Hall and GIC, Singapore’s sovereign wealth fund as investors - of a 49 per cent stake in the Ampol Property Trust and on the development and long-term lease of two new high-tech Coles Customer Fulfilment Centres to be built in Melbourne and Sydney.

About Arnold Bloch Leibler

Arnold Bloch Leibler is a premium Australian commercial law firm renowned for advising clients on their most important transactions, commercial issues and disputes. From offices in Melbourne and Sydney, the firm provides advice to a diverse range of entrepreneurial Australian listed companies, family businesses, high-net-worth individuals and international corporations. The firm also has a dedicated pro bono practice providing advice on social, environmental and cultural issues to more than 150 charitable and not-for-profit organisations.

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