REAL ESTATE INVESTMENT TRUSTS & FUNDS

Charter Hall Long WALE gets cashed up

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CHARTER Hall Long WALE REIT (CLW) has added to its investment capacity firepower with the securing of $200 million of additional long-term notes.

It said the notes will increase its “investment capacity to approximately $330 million, providing significant capacity to pursue future investment opportunities as they arise”.

The notes will be issued with an 8.5 year duration, maturing in December 2029. CLW’s weighted average debt maturity will increase to 5.6 years, with staggered maturities over a seven year period from FY24 to FY31.

The notes were priced at a fixed coupon of 2.66% and CLW swapped the fixed rate notes to a floating rate exposure, providing a weighted average cost of debt for the notes of 1.3%.

“CLW’s sector leading long WALE of 13.8 years together with the maturity profile and diversity of our debt are important features that contribute to the investment proposition that CLW offers,” Charter Hall Long WALE REIT fund manager, Avi Anger said.

CLW’s portfolio value surged past $5 billion this week after revaluations across almost all of its properties resulted in a $373 million uplift.

The bump comes just a few weeks after the ASX-listed trust took a half share in Charter Hall’s $780 million acquisition of the Services Australia offices in Canberra and a pair of Australian Taxation Office buildings, while launching a $250 million equity raising to partially fund its load.

The trust priced $500 million of medium term notes earlier this year to partially refinance its existing bank debt facilities.

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