- Charter Hall Retail (CQR) is taking a 20 per cent interest in a $281 million portfolio containing two Sydney-metro shopping centres
- CQR is buying an interest in the portfolio from the Charter Hall Group
- Consultancy giant Mercer holds the additional 80 per cent interest
- Going forward CQR hopes to increase its stake to 50 per cent
- Charter Hall Retail’s share price is down 0.47 per cent, currently sitting at $4.23 apiece
Charter Hall Retail (CQR) is taking a 20 per cent interest in a $281 million portfolio containing two Sydney-metro shopping centres.
“This is another portfolio enhancing acquisition which increases CQR’s weighting to metropolitan Sydney,” Charter Hall Retail’s CEO Greg Chubb said.
CQR is buying its stake in the portfolio from the Charter Hall Group (CHC). Global consulting firm Mercer holds the additional 80 per cent interest.
The portfolio is comprised of Pacific Square, Maroubra and the Bass Hill Plaza.
“Each centre benefits from being the dominant convenience centre in their respective catchments and present strong income growth prospects for the fund,” Greg said.
According to the company, both shopping centres are anchored by Woolworths, Coles, Aldi and Kmart.
The two centres moving annual turnover reached $313 million, with 60 per cent of sales coming from the supermarkets.
Going forward CQR is looking to increase its holding in the portfolio to 50 per cent.
Mercer and CQR additionally co-own the Bateau Bay Square shopping centre in New South Wales.
Charter Hall Retail’s share price took a slight dip today, down 0.47 per cent to $4.23 apiece by market close.