Why the Charter Hall (ASX:CHC) share price could be one to watch today

The Charter Hall Group (ASX: CHC) share price will be on watch on Tuesday after the release of an announcement.

What did Charter Hall announce?

This morning Charter Hall announced that a consortia of Charter Hall managed funds and partnerships has exchanged contracts to purchase the David Jones flagship Elizabeth Street store in Sydney.

According to the release, the parties have agreed a purchase price of $510 million.

The iconic Sydney central business district (CBD) property comprises 12 levels on a strategic 3,530sqm prime CBD retail site, prominently located overlooking Hyde Park with views to Sydney Harbour.

Management notes that David Jones, as its vendor, has in recent years completed a significant capital works program…