The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
FULL PROGRAM RELEASED FOR URBANITY-25 CONNECTING PROPERTY LEADERS ACROSS THE ASIA PACIFIC
FULL PROGRAM RELEASED FOR URBANITY-25 WHERE THE PROPERTY INDUSTRY CONNECTS
VIEW FULL AGENDADETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
RetailStaff WriterTue 21 Nov 17

Charter Hall Sells Three Retail Centres for $91 Million

1511234936985

Charter Hall Retail REIT has sold three shopping centres for $91 million as it shifts focus to larger, higher growth properties.

The properties include a freestanding Woolworths neighbourhood centre in Wynyard, Tasmania, Albany Creek Square in Brisbane and Renmark Plaza in Renmark, South Australia.

Settlement of the Wynyard and Albany Creek Square properties is scheduled to occur in December 2017 and the settlement of Renmark Plaza will occur during the third quarter 2018. Charter Hall said the combined total sale price is broadly in line with book value.

The Albany Creek mall was purchased by Sydney’s Fortius Funds Management for nearly $56 million on a 6.96 per cent initial yield.

Property developer Revelop bought Renmark Square for around $25m, while a private investor bought the Wynyard Woolworths for around $11 million.

The transactions were all handled by JLL.

[Related reading: Charter Hall Fund Acquires Prime Canberra Office Building]

The Albany Creek Square Shopping Centre in Brisbane is among the properties sold.

“With continued investor demand for smaller retail assets, we have taken the opportunity to divest these three assets in order to maximise the value to the fund," Charter Hall Retail chief executive officer Greg Chubb said.

“Our transactions during the past 12 months demonstrate our ability to execute on our strategy of recycling capital into assets that are well located with good population growth and which are positioned to be the dominant convenience based shopping centres in their respective local markets.

“During FY17, we completed the disposal of a number of lower growth assets along with the acquisition of potential higher growth assets to build a more resilient non-discretionary portfolio focused on the provision of food and services to local communities.”

The REIT will continue its investment strategy to enhance portfolio earnings through value accretive redevelopments, selective acquisitions of properties with potential for higher growth, share buybacks and the divestment of lower growth assets.

The REIT said its FY18 earnings guidance remains unchanged of 30.2¢ per unit to 30.6¢ per unit.

Main image: Renmark Square in South Australia

RetailAustraliaFinanceReal EstateSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
Exclusive

‘Construction Not a Scale Game’: Hutchinson

Phil Bartsch
9 Min
Nation's build-to-rent project Charlie Parker in Sydney's Parramatta where more projects are being located and built outside the CBD.
Exclusive

Foreign Capital Still Dominates BtR but Things are Changing

Marisa Wikramanayake
7 Min
Exclusive

Fortis Reveals Plans for Coveted Bowen Terrace Site

Taryn Paris
4 Min
Exclusive

Accor Deputy Delivers Verdict on Brisbane Games Hotel Shortfall

Phil Bartsch
6 Min
Qld Budget 2025-26 Brisbane City
Exclusive

Billions Promised, Now Deliver: Industry’s Qld Budget Verdict

Vanessa Croll
6 Min
View All >
Industrial

Cadence Nabs Logistics Portfolio for $170.5m

Taryn Paris
Exclusive

‘Construction Not a Scale Game’: Hutchinson

Phil Bartsch
Sponsored

Rare Coastal Development Opportunity in Heart of Mooloolaba

Partner Content
An exceptional opportunity has arisen to acquire one of Mooloolaba’s most premium development landholdings...
LATEST
Industrial

Cadence Nabs Logistics Portfolio for $170.5m

Taryn Paris
3 Min
Exclusive

‘Construction Not a Scale Game’: Hutchinson

Phil Bartsch
9 Min
Development

Rare Coastal Development Opportunity in Heart of Mooloolaba

Partner Content
2 Min
Charter Hall’s $925m Hyde Park skyscraper
Planning

Charter Hall $925m Sydney Skyscraper Wins City Backing

Vanessa Croll
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/charter-hall-retail-fund-sells-three-assets