Charter Hall fund to offload $500m in assets as write-downs bite
The fund is pushing ahead with its largest round of divestments yet as its gearing levels edge closer to lending covenants.
Charter Hall Long WALE REIT is aiming to divest more than $500 million worth of commercial property to reduce its debt load, after portfolio write-downs pushed its gearing level higher and sent its 2024 interim earnings to a $258.4 million statutory loss.
The listed trust announced on Thursday it had already sold off $145.82 million worth of assets over the half-year to December, but more divestments were required to get gearing to a healthy level.
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