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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…
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