Charter Hall Group (ASX:CHC) entered into an agreement to acquire Treasury Casino, Hotel buildings and Queen Gardens Car Park from The Star Entertainment Group Limited (ASX:SGR) for AUD 248 million on October 27, 2021. Under the terms of the transaction, Charter Hall will acquire the Car Park, the Treasury Hotel building and the Treasury Casino building. The Star will lease back the Car Park and the Treasury Hotel building for an initial term of 30 years with 2 x 15-year options. The lease terms imply an initial cap rate of 4.7% and include fixed annual rent increases over the term of the lease. The transaction is structured to allow for the early settlement of the Treasury Hotel building and the Car Park while the Treasury Casino building will settle upon opening of Queen’s Wharf Brisbane, expected in the first half of CY2023. The transaction remains subject to State consent. Under the sale agreement, obligations to the State to deliver the repurposing of these assets as part of the Queen’s Wharf Brisbane precinct remain.

Charter Hall Group (ASX:CHC) cancelled the acquisition of Treasury Casino, Hotel buildings and Queen Gardens Car Park from The Star Entertainment Group Limited (ASX:SGR) on June 20, 2023.