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Charter Hall Retail REIT sells partial stake in Australian retail asset

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Charter Hall Retail REIT sells partial stake in Australian retail asset

Charter Hall Retail REIT is divesting 47.5% of Salamander Bay Centre in New South Wales, Australia, to its joint venture with Charter Hall Prime Retail Fund for a consideration of A$83.1 million.

Charter Hall Prime Retail Fund is composed of wholesale investment partner MTAA Super and Charter Hall Group. The joint venture bought the Gateway Plaza asset in Leopold, Victoria, for A$117 million in June.

The real estate investment fund acquired the 24,000-square-meter Salamander Bay Centre in July 2017 for A$174.5 million. The property is anchored by three supermarkets and a discount department store. The property comprised 6% of the REIT's total portfolio value and was its biggest wholly-owned asset, with the investment meant to reduce its single-asset exposure, according to a statement from Greg Chubb, CEO Retail at the REIT.

Charter Hall Retail REIT also sold the Kallangur Fair Shopping Centre in Queensland for A$21.4 million, reflecting a 15% premium over the asset's book value as of Dec. 31, 2017.