John Gandel lifts stake in Charter Hall Office REIT CHARTER Hall Office REIT has confirmed Melbourne-based retail billionaire John Gandel has raised his stake in the trust to 5.15 per cent. Mr Gandel, who according to BRW magazine has an empire worth $3.45 billion following the success of the family's Sussan clothing chain, last week bought more than 3 per cent of units in the Charter Hall Office REIT through his company interests, adding to the 1.9 per cent he bought in March. He also owns 16.39 per cent of the headstock. It is understood the holding bought last week was from Los Angeles-based hedge fund Canyon Capital Advisors. Yesterday, three activist hedge funds led by Orange Capital issued documents for their critical July 27 meeting in Sydney for shareholders to vote on whether to elect the Bill Moss-chaired Moss Capital as the trust's new manager. The hedge funds collectively hold 19 per cent of the trust and would need at least 50 per cent support for a new manager to be appointed. Charter Hall recently boosted its stake to more than 13 per cent in its satellite after buying shares from hedge fund Fir Tree Capital. Last year, it bought the trust's management rights from Macquarie Group as part of a larger deal worth almost $300 million. The Orange Capital-led group wants Moss Capital appointed as manager to return proceeds to shareholders from a sale of the trust's $1.64bn US portfolio and strategically review the $1.86bn Australian portfolio. The review would consider returning $185m of cash on the balance sheet to shareholders and selling the Australian office buildings and would be subject to a unitholder vote. Its shares, which closed down 8c yesterday to $3.40, lags the net tangible asset backing of $3.96. Commonwealth Bank analysts yesterday upgraded their recommendation of Charter Hall Office REIT from a sell to a buy, given that the trust was now "in play." However, Credit Suisse questioned whether a window in the US to sell assets above book value could be closing for the office trust.