Fund manager swoops to bag $510m David Jones store

A flagship David Jones store in Sydney’s CBD has been secured by Charter Hall in a bumper sale and leaseback deal.

The iconic Sydney corner store at 86-108 Castlereagh Street was acquired by fund manager Charter Hall for $510 million and takes the value of the company’s impressive portfolio north of $45 billion.

The 12-storey building sits on a prime 3,530sqm CBD block overlooking some of the city’s famous landmarks, including Hyde Park with views across Sydney Harbour and beyond.

Charter Hall Group CEO and Managing Director David Harrison says the deal is in line with the group’s strategic acquisition process

This acquisition is consistent with our strategy in so many ways,” he explains, “namely securing long WALE NNN leased assets, combining the appetite of our managed funds and partnerships to partner with the group on high conviction prime real estate acquisitions, co-investing group capital alongside our partners to secure attractive earnings growth from our property investment portfolio, whilst also expanding the group’s FUM platform.”

Approval from the Foreign Investment Review Board will see settlement granted for the store, which has frontages with Elizabeth, Castlereagh and Market streets.

This transaction marks the latest in a host of major similar deals highlighting the growing strength of the commercial market.

Combined with other recently announced acquisitions and pre-leased development projects across office and industrial sectors, we expect the group’s FUM to exceed $45 billion as at 31 December 2020

David Harrison

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