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Charter Hall Sells U.S. Portfolio For $1.71B

Charter Hall Office REIT is selling its U.S. assets for $1.71 billion to Beacon Capital Partners.

Charter Hall Office REIT is selling its U.S. assets for $1.71 billion to Beacon Capital Partners, The Wall Street Journal reports. The U.S. portfolio comprises 14 assets, including One California Plaza in Los Angeles, the Wells Fargo Center in Denver and a property in Washington, DC.

After transaction costs, debt repayment and other expenses, the company anticipates net proceeds of about $575 million. Bank of America Merrill Lynch has led the sale process for the property trust, adds Bloomberg. The sale is expected to be completed between October 2011 and May 2012.

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