Beacon Capital Acquires Charter Hall Office REIT US Assets
Boston (August 18, 2011)-- Goulston & Storrs is pleased to announce that it successfully represented Beacon Capital Partners LLC entities in its acquisition of Charter Hall Office REIT’s U.S. assets for US $1.71 billion. Commercial real estate partners Barry Green, Janice Gross, Robert Mack and Jared Tardy served as the lead attorneys for Beacon Capital.
The portfolio that Beacon acquired consists of 14 assets, including One California Plaza in Los Angeles, the Wells Fargo Center in Denver, 700 Thirteenth Street in Washington, D.C., four more properties in California, and others in Wilmington, Tampa, Indianapolis, Atlanta, Orlando, New Jersey and Boston. The sale of each property to Beacon remains subject to lender and other third-party consent. Charter Hall said it expects sale proceeds of US$575 million after transaction costs and debt repayment, with the closing of the sale of each property expected between October this year and May 2012.
Charter Hall began seeking buyers for its U.S. portfolio in May after investors began complaining that its stock value was consistently trading below the book value of the portfolio's assets, according to the Wall Street Journal. Beacon Capital outbid 28 other contenders to acquire the Charter Hall holdings with a final offer 2 percent greater than the $1.68 billion book value of the properties themselves, the Journal reports.
Managing Partner, Doug Husid comments, “through this transaction, Beacon Capital Partners has sparked renewed confidence in the demand for office properties despite the difficult economic times we are enduring.”
The sale, which was announced on August 3, is expected to close between October 2011 and May 2012.
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