Charter Hall did not immediately respond to a Reuters request for comment. On its website Charter Hall said the fund would "only sell assets for prices that reflect fair value and given the lower sales volumes in the office investment markets, sales have proved challenging". Another REIT and Australia's largest office landlord Dexus (DXS.AX) last month sold a premium downtown Sydney office block for a 17% discount on a valuation made six months earlier. The Australian and U.S. REIT benchmark indexes are down roughly a fifth since highs at the end of 2021. But unlisted fund valuations have declined more slowly, creating an incentive for investors to pull money out while a chunky premium over listed equivalents remains, according to fund managers with investments in REITs.

---

Persons: Australia's, Hall, Dexus, Blackstone, Lewis Jackson, Byron Kaye, Jacqueline Wong Organizations: SYDNEY, Investors, PFA Fund, Charter Hall, KKR, Australian, Income, Thomson Locations: Australian, Sydney, REITs, BlackRock