Charter Hall Retail REIT
(ASX:CQR) has announced the sale of its interest in its last US joint venture, with property developer Regency Centers, for $US49 million.
The sale will realise net proceeds of $11 million for Charter Hall, which it intends to reinvest into Australian acquisition opportunities or its redevelopment pipeline.
Fund manager Scott Dundas says the sale is in line with the REIT’s strategy of selling down offshore assets and reinvesting back into the Australian market.
Charter Hall has three small wholly owned assets remaining in the US, which are currently being marketed for sale.
Charter Hall Retail generated a net profit of $15.8 million for the first half of the current financial year.
