Charter Hall Retail REIT to sell two shopping centres

It will divest the Southgate Square and Rosebud Plaza.

Charter Hall Retail REIT will be selling Southgate Square in South Australia and Rosebud Plaza in Victoria with a total value of around $151m (A$225.5m).

In a disclosure, the company said Southgate Square which costs about $61m (A$91m) is expected to be set in February 2024, whilst Rosebud Plaza worth around $90.1m (A$134.5m) will be sold in June 2024.

ALSO READ: Australian consumers trust in purpose-driven brands

“These sales demonstrate CQR’s ongoing active asset management and focus on improving portfolio quality while maintaining balance sheet strength,” said Charter Hall Retail CEO Ben Ellis.

“The sale proceeds of $225.5 million less transaction costs, will strengthen the balance sheet optionality that CQR has traditionally had through the ownership of liquid convenience retail assets,” he added. 

$1 = A$1.49