“The sale of Kings Park Road and Compark Circuit at premiums to book value is a good result for DPF’s invstors,” Charter Hall Direct Property’s CEO Richard Stacker said in an announcement. “We will continue to make selective asset sales and return capital to investors in the lead up to DPF’s review in October 2012.”
Charter Hall says DPF’s divestment strategy is to conduct an orderly sell down of assets moving toward its seven year initial term maturity in 2012.
DPF also recently sold a 25 per cent interest in the Coles Distribution Centre at Perth Airport, and 98 – 100 Glover Street, Cremorne (north of Sydney) for a total of $52.7 million.
Andrew Woodley Page, a former researcher, with Peter Agostino, of CBRE’s Perth office negotiated the larger sale. The smaller Mulgrave asset was marketed by Colliers International’s Tim Grant and Peter Bremner.