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Charter Hall Retail REIT forms Australian JV to buy Victorian asset for A$117M

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.