THE Charter Hall Long WALE REIT completed a $94.1 million fully underwritten 1 for 9.25 entitlement offer to fund its acquisition of the Virgin Australia headquarters in Brisbane.
The retail component raised around $46 million of the total, of which existing retail securityholders took up around $24 million.
Meanwhile, the trust has secured a five-year lease extension with Electrolux at 76-80 Howards Road in Beverley, outside of Adelaide, taking its term until December 2029.
Long WALE REIT fund manager Avi Anger said the lease extension would result in a $1.5 million uplift to the value of the asset, adding to the $19.6 million increase in valuations announced last months.
The trust’s WALE has increased from 11.2 years to 11.3 years, including the newly purchased Virgin headquarters.
The fully leased property at 56 Edmonstone Road in Bowen Hills has three A-grade office buildings across a combined 12,427 sqm.
Australian Property Journal
