Charter Hall Group (ASX:CHC) has exercised its right of first refusal to acquire a portion of Macquarie Bank Ltd group’s (MBL) holding in Charter Hall Office REIT (ASX:CQO).

Charter Hall Group is acquiring 1.3 per cent of CQO units on issue from MBL at $3.18 per unit for an acquisition price of $19.7 million, funded by cash reserves and undrawn debt capacity, increasing its interest in CQO to 10 per cent. This acquisition is not expected to have a material impact upon the Group’s earnings.

Charter Hall confirmed in a statement on Friday that MBL may sell the remaining 4.7 per cent stake in CQO at a price of $3.18 or more. Further, Charter Hall has been advised by the Gandel Group, that a member of the Gandel Group has contracted to purchase 1.9 per cent of CQO units on issue.

Charter Hall said it retains its right of first refusal relating to the 3.9 per cent of Charter Hall Retail REIT (ASX:CQR) units retained by MBL and confirms it has not received a notice of intention to sell from MBL in relation to its investment in CQR units