An independent valuation of Charter Hall’s platform properties has revealed a net valuation uplift of about $3.5 billion as of 31 December 31, confirmed in an ASX listing on Monday (13 December).
Moreover, it also noted that the Charter Hall managed consortium comprising CLW and Hostplus now has unconditional ALE securityholder and court approval to complete the scheme of arrangement on 17 December 2021.
As a result of valuations and unconditional transaction activity to date, group FUM is now expected to be $61.3 billion as at 31 December.
“It is pleasing to see the hard work we have put into curating and growing high quality portfolios for our fund investors over many years has delivered excellent financial returns, well above expectations and performance fee hurdles,” said group managing director and chief executive David Harrison.
“The resultant performance fees, whilst positive for the Group, also highlights the outperformance delivered for investors given fund investors typically receive 80 per cent of excess total returns above the hurdles established at inception of the funds and partnerships.”
Given these valuation uplifts have increased FUM and likely performance fees payable at testing dates during the fiscal year, Charter Hall also confirmed it has upgraded its financial year 2022 operating earnings per security guidance to no less than 105¢ per security.
FY22 distribution per security guidance remains unchanged and is for 6 per cent growth over FY21 distributions per security.
