Telstra sells $700m stake in properties2019|00:59
Telstra (ASX:TLS) today announced the sale of a $700 million stake in a newly created property trust to a Charter Hall-led consortium to own 37 of Telstra's exchange properties. As part of the transaction, the consortium will acquire a 49 per cent stake in the new trust, reflecting a capitalisation rate of 4.4 per cent and valuing the entire property trust at $1.43 billion. Telstra CEO Andrew Penn says since they announced their T22 strategy they have been working to unlock the true value of some of their assets. Telstra will retain ownership of a 51 per cent controlling interest in the property trust and retain operational control of the properties. Telstra has also reached an agreement to sell part of its portfolio of data centres in Europe and Asia to global private equity firm I-Squared Capital, owners of HGC Global Communications. Telstra (ASX:TLS) are trading 1.03 per cent lower at $3.83.