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Charter Hall Plans New Funds on Unlisted Investment Demand

Charter Hall Group, an Australian real estate investment trust, plans to create new unlisted funds and at least two single-asset syndicates to meet rising demand for alternatives to listed funds.

“We expect to grow our third-party mandate business over the next 12 months,” said David Harrison, joint managing director of the Sydney-based company. “We expect to roll out more single-asset syndicates to retail investors and continue to look at other funds that may appeal to that sector.”

Charter Hall today reported net income of A$52.3 million ($54.7 million) in the year ended June 30, from A$6.8 million a year earlier. The group’s earnings from its property investment business rose 33 percent, and income from its property funds management and development investment division were close to three times last year’s.

Charter Hall will continue to seek partners to expand its development investment business, looking for office and residential projects, Harrison said. It will also seek office, retail and industrial properties to acquire, primarily off market, he said.

The group’s shares climbed 5 percent to A$1.68 as of the 4:10 p.m. close of trade in Sydney, paring this year’s decline to 32 percent.

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