Property Group Charter Hall lifts profit

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Wednesday, February 26th, 2014
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Property investor Charter Hall Group has lifted its half year earnings and aims to raise $140 million to pay down debt by issuing new securities to institutional shareholders.

Earnings from the company’s investments, as well as its funds management operations, grew in the six months to December, delivering a 13 per cent rise in operating earnings to $38 million.

Charter Hall’s property investments, which include office blocks, shopping centres and industrial estates, were valued at $622 million at December 31, and it had $10.5 billion in funds under management.

The company is undertaking a fully underwritten $140 million placement of securities to institutional investors, from which it will repay debt used for recent investments, fund new investments and provide capital for other growth plans.

 

 

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