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Charter Hall Retail strikes A$38M deal to sell 2 Australian retail assets

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Charter Hall Retail strikes A$38M deal to sell 2 Australian retail assets

Charter Hall Retail REIT entered into a deal to sell two retail properties in Australia for a total price of A$38 million, reflecting a 10.1% premium to book value.

The 5,100-square-meter Springfield Fair in Brisbane, Queensland, is a part of a shopping center portfolio that the company flagged for sale in May. It is anchored by a Coles supermarket and carries a weighted average lease expiry of 4.2 years.

Meanwhile, the Coles and Target Country-anchored retail asset in Goonellabah in northern New South Wales has a weighted average lease expiry of 3.6 years.

Settlement for the Springfield Fair deal is expected in January 2018, while the Goonellabah asset sale is slated to close no earlier than February 2018.

The company also reaffirmed its per-unit earnings guidance for fiscal year 2018 in the range of 30.2 Australian cents to 30.6 cents.