Telstra – realestatesource https://www.realestatesource.com.au Commercial and residential property news Sun, 31 Oct 2010 10:00:29 +0000 en-US hourly 1 https://wordpress.org/?v=7.1.4 https://www.realestatesource.com.au/wp-content/uploads/2024/03/rsfav-100x100.png Telstra – realestatesource https://www.realestatesource.com.au 32 32 Telstra to Float Chinese Real Estate Website Soufun https://www.realestatesource.com.au/telstra-to-float-chinese-real-estate-website-soufun/ Tue, 01 Dec 2009 03:30:29 +0000 http://realestatesource.com.au/wordpress/telstra-to-float-chinese-real-estate-website-soufun.html Beijing
TELSTRA will float major Chinese real estate website Soufun.

Telstra, which is not commenting further because it is uncertain where Soufun would be listed, paid $US254 million for a 51 per cent stake in SouFou in August 2006, under the directorship of Sol Trujillo.

It is one of seven Chinese investments for Telstra, which also owns websites for cars, electronics and mobile phone services.

In a statement, Telstra said "Subject to regulatory requirements, further details will be provided as the process proceeds".
]]>

Soufob chairman is reported as saying to the Reuters Global Real Estate Summin in June, that the company was hoping to float in Hong Kong, and the US, because of strict Chinese regulations making it potentially more difficult on the mainland.

The other shareholders sin SouFun are US venture capital group IDG, and executives.

SouFun is aiming for profit of at least 50 per cent this year. The float value is speculated to be more than $US1 billion. The website gets 95 per cent of its revenues from online property listings, and has about 60 per cent of the Chinese market – reported to be worth between $240 million and $287 million this year.

Plans to float SouFun were proposed before the economic downturn.

]]> Charter Hall, Telstra Super Pay $300 Million For Brisbane Square Office https://www.realestatesource.com.au/charter-hall-telstra-super-pay-300-million-for-brisbane-square-office/ Sun, 31 Oct 2010 10:00:29 +0000 http://realestatesource.com.au/wordpress/charter-hall-telstra-super-pay-300-million-for-brisbane-square-office.html THE Brisbane Square office building has sold for $300 million to a consortium including Charter Hall Group’s wholesale Core Plus Office Fund, and Telstra Super.

The duo purchased the asset from WA super group Westscheme.

Measuring 57,300 square metres, the A-grade office sale is due to settle by mid November.

A Charter Hall statement is copied below:
]]> Charter Hall Group (ASX: CHC) today announced its Core Plus Office Fund (‘CPOF’) has purchased a 50% interest in one of Brisbane’s landmark office buildings, Brisbane Square, in a 50:50 joint venture with Telstra Super for a total net consideration of $300 million.

CPOF and Telstra Super have purchased 100% of the 57,300 square metre building from Westscheme, with settlement scheduled for mid November 2010.

Brisbane Square, completed in 2006, is an A-grade office building located in the north quarter precinct of Brisbane’s CBD. The building occupies a whole city block that borders Queen Street, George and Adelaide Streets, at the top of the Queen Street Mall, and has expansive views of Brisbane River. Offering 37 levels of office space and 1,270 square metres of retail, Brisbane Square is 100% leased to high quality tenants including Brisbane City Council and Suncorp-Metway, and has a weighted average lease expiry of over 10 years.

Mr David Harrison, Charter Hall Group’s Joint Managing Director said: ‘This acquisition is one of Australia’s largest single asset transactions this year. Brisbane Square provided an ideal opportunity to purchase a well located, CBD prime office building with strong financial covenants at an attractive price of $5,200 per square metre of lettable area and potential capital growth given the passing rents are approximately 38% below market levels.’

Telstra Super CEO, Mr Martin Crowe said: ‘Telstra Super was attracted to Brisbane Square by its quality and sustainable investment returns. The return profile, comprising secure income streams and capital growth capability, is very much aligned with the objectives of our members.’

CPOF is a wholesale office property investment fund managed by Charter Hall which owns 15 investment grade assets, valued at $1.2 billion, located within Australian core CBD office markets.

]]>