Charter Hall (ASX:CHC) share price lower despite Bunnings acquisitions // Motley Fool Australia

The Charter Hall Group (ASX: CHC) share price is sinking lower on Tuesday after announcing a new acquisition.

The property company’s shares are down a sizeable 5.5% to $13.63 in afternoon trade.

What did Charter Hall announce?

This afternoon Charter Hall revealed that its wholesale partnership, LWHP, has made an acquisition. The LWHP partnership comprises VFMC, Telstra Corporation Ltd (ASX: TLS) Super, and Charter Hall.

According to the release, the partnership has acquired a $353 million portfolio of six Bunnings Warehouse assets located in prime metropolitan markets.

Bunnings Warehouse is Australia’s leading hardware retailer and owned by Wesfarmers Ltd (ASX: WES).

The portfolio of modern Bunnings Warehouse retail stores was…