Australian shopping center real estate investment trust Charter Hall Retail REIT formed a joint venture with the Charter Hall Prime Retail Fund to purchase Gateway Plaza in Leopold, Victoria, for A$117 million.
The asset includes a free-standing shopping center spanning roughly 33,510 square meters and car parking for 1,117 vehicles. A full-line Coles and Liquorland, Aldi, Kmart and Bunnings anchor the center with two pad sites and 54 specialty tenants.
The open-market purchase will be financed with proceeds from recent divestments.
Charter Hall Prime Retail Fund is composed of wholesale investment partner MTAA Super and Charter Hall Group.
