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Charter Hall Long WALE REIT (ASX:CLW) enjoys portfolio valuation bump
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  • Charter Hall Long WALE REIT (CLW) increases portfolio value by $373.4 million
  • The overall portfolio value increased to $5.3 billion, and the portfolio average cap rate compressed from 5.14 per cent to 4.76 per cent
  • The trust's agri-logistics sector marked a 25.7 per cent uplift of $61.8 million
  • The weighted-average lease expiry retail and industrial and logistics portfolios increased $1o1.9 million and $101.6 million, respectively
  • Charter Hall Long WALE REIT are up 1.35 per cent on the market, and shares are trading at $4.87 at 1:08 pm AEST

Charter Hall Long WALE REIT (CLW) has enjoyed a $373.4 million increase in its portfolio value.

CLW had 458 properties, or 92 per cent of the portfolio by gross asset value independently valued as of June 30 which resulted in a 7.6 per cent uplift on prior book values.

The overall portfolio value has increased from $4.9 billion to $5.3 billion and the portfolio average cap rate has compressed from 5.14 per cent to 4.76 per cent.

"The valuations announced today highlight the quality of the CLW portfolio and the benefits of properties with long leases to strong tenants," CLW fund manager Avi Anger said.

"All our sectors reported improvements in valuations, with particular strength in our long WALE retail, industrial and agri-logistics assets. Collectively, our NNN portfolio saw a 9.7 per cent uplift from prior book values.

"Charter Hall has carefully curated the CLW portfolio and it is pleasing to see the results of our asset and sector selection being rewarded with strong valuation gains."

A big winner in its portfolio was the agri-logistics sector which saw a 25.7 per cent uplift of $61.8 million.

Long weighted-average lease expiry retail and industrial and logistics also enjoyed bumper valuations, rising $1o1.9 million (6.7 per cent) and $101.6 million (9.5 per cent), respectively.

Other winners included the office sector of their portfolio enjoyed a $52.3 uplift of four per cent and social infrastructure was up 7.2 per cent ($55.9 million).

The unaudited impact of the valuations announced today is an increase to the pro-forma net tangible assets per security from $4.65 to $5.24, a $0.59 or 12.8 per cent increase on the December 2020 net tangible assets.

CLW will report the REIT’s financial year 2021 results on August 9.

Charter Hall Long WALE REIT has risen 1.35 per cent on the market and shares are trading at $4.87 at 1:08 pm AEST.

CLW by the numbers
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