Charter Hall鈥檚 office fund has acquired an office tower in Australia for AUD340m (鈧�197m), to be funded partly by its recent capital raising of the same amount.
Charter Hall Prime Office Fund (CPOF) bought the building from the Singapore-based Chinese resource group Bright Ruby, which, in 2013, agreed to pay Investa Property Group AUD201m for the property.
The 15-level building, located at 231 Elizabeth Street in the mid-town precinct of Sydney, has a total net lettable area of about 23,275sqm.
The A-grade office is fully leased to telecommunication carrier Telstra, until 2020.
Matthew Brown, the fund manager said: 鈥淐POF is putting to work equity raised that will help to further grow its existing portfolio of high quality assets, and continue its outperformance.鈥�
Charter Hall Group鈥檚 Office CEO, Adrian Taylor, said: 鈥淭his acquisition is in line with CPOF鈥檚 investment mandate to own institutional quality assets leased to strong tenant covenants in core locations.鈥�
