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Charter Hall Retail to buy Charter Hall's 20% stake in A$281M portfolio

Charter Hall Retail REIT agreed to buy a Charter Hall Group's 20% stake in a A$281 million shopping center portfolio in Sydney for A$36 million.

Charter Hall Retail Partnership No. 6 Trust owns the targeted portfolio, which comprises the A$189 million Pacific Square mall in the Maroubra suburb and the A$92 million Bass Hill Plaza property. The properties are anchored by Woolworths, Coles, Aldi and Kmart.

Global consultancy company Mercer holds the remaining 80% stake in the portfolio, the real estate investment trust noted.

In light of the agreed transaction, Charter Hall Retail raised its operating earnings per unit guidance for fiscal 2020 to a year-over-year rise of between 1.7% and 2.0% from between 1.5% and 2.0%.