Charter Hall collects $34.65m from West Perth, Mulgrave

Charter Hall managed Diversified Property Fund will sell West Perth’s Spinifex House for $28.25 million to a syndicate.

The price reflects a 6.3 per cent premium on the June 30, 2011, book value.

The group also sold an office at 22–28 Compark Circuit, in Melbourne’s Mulgrave, for $6.4m.

That buyer intends to occupy.

“The sale of [46-50] Kings Park Rd and Compark Cct at premiums to book value is a good result for DPF’s investors,” Charter Hall Direct Property’s chief executive officer, Richard Stacker, said.

“We will continue to make selective asset sales and return capital to investors in the lead up to DPF’s review in October 2012,” he added.

The manager said it intends to conduct an orderly sell-down of DPF assets following its maturity in 2012.

The trust recently banked $52.7m offloading a 25pc interest in the Perth Airport Coles Distribution Centre and 98–100 Glover St, in Sydney’s Cremorne.

CBRE’s Andrew Woodley Page with Peter Agostino negotiated the West Perth sale.

The Mulgrave asset was marketed by Colliers International’s Tim Grant and Peter Bremner.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco

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