Charter Hall Retail divests $91m in assets

Company News

by Kathy Skantzos

Real estate investment trust Charter Hall Retail (ASX:CQR) has divested $91 million of its non-core assets.

The company is selling three of its properties – a Woolworths neighbourhood centre in Tasmania, Albany Creek Square in Brisbane, and Renmark Plaza in South Australia.

Two of the sales will be completed in December this year, with Renmark Plaza expected to be complete during Q3 FY2018.

CEO Greg Chubb commented that the REIT’s divestment strategy by reshaping of its portfolio aims to maximise the value of the fund.

He said the company has dropped lower growth assets to acquire potentially higher growth assets during FY2017.

Shares in Charter Hall (ASX:CQR) are trading 0.24 per cent higher to $4.10.

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.