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Charter Hall Retail to sell Sydney shopping center

Charter Hall Retail REIT is putting a shopping center and adjoining assets in Sydney on the market, following unsolicited interest in the property.

Gordon Centre will be marketed by Colliers International and Stonebridge Property Group, and its sale will be in addition to the A$170 million of properties that the company earlier flagged for sale.

The trust did not provide a guide price for the center but noted that the queries for the property indicated value "significantly" higher than its book value. It added that interest in the property also reflects its redevelopment potential with a residential-retail scheme.

The property is expected to be sold by December, proceeds of which will be used to repay debt and fund ongoing capital management activities, including additional repurchases of the trust's securities.

Charter Hall Retail REIT bought the Gordon Village Centre in 2010 for A$67 million from a DEXUS-managed private investment syndicate.