Charter Hall Retail REIT
(ASX:CQR) is set to acquire a 47.5 percent interest in Bateau Bay Square on the Central Coast of New South Wales.
The property group announced it had executed a conditional contract to acquire a 47.5 percent interest in Charter Hall Retail Partnership No. 2 which owns the shopping centre.
The acquisition will be funded via a combination of a placement of approximately 11 million of the REIT’s units to Charter Hall, at a price of $4.1167 per unit, in addition to the REIT’s existing debt facilities.
Total consideration for the 47.5 percent interest will be approximately $50.6 million, adjusted for working capital on acquisition. The property has been independently valued at $200 million.
Charter Hall Retail REIT recorded a net profit of $162.5 million at 30 June 2015.
