Charter Hall Retail REIT
(ASX:CQR) has affirmed its commitment to investing locally and outlined plans to reweight its portfolio to Australia by recycling equity from offshore assets.
Speaking at the trust’s annual general meeting yesterday Chairman John Harkness said he cannot foresee there will be any change in strategy that would take Charter Hall Retail REIT out of Australia.
The confirmation of strategy came less than a week after the property group launched a $100 million equity raising to fund the acquisition of three mid-sized shopping centres in regional New South Wales.
Charter Hall Retail REIT has advised its $2 billion portfolio comprised of 91 retail centres at the start of this financial year with its Australian properties making up 91 per cent of its net tangible assets.
Supermarket giants Wesfarmers Limited
(ASX:WES) and Woolworths Limited
(ASX:WOW) account for more than 50 per cent of Charter Hall Retail REIT’s Australian base rent.
Charter Hall Retail REIT’s net profit dropped to $9.7 million in the 2012 financial year.
