Charter Hall Retail REIT
(ASX:CQR) has inked a $33.2 million contract to buy Secret Harbour shopping centre near Rockingham, Western Australia.
Secret Harbour is a 5,574 square meter neighbourhood shopping centre and adjoining vacant land, including a strong-performing Woolworths supermarket with 16 specialty retailers and a service station.
The property includes an additional 31,000 square meters of development land, with the opportunity to expand the centre.
The deal represents an initial yield of 7.8 per cent on the shopping centre.
Fund Manager Scott Dundas says the acquisition is in line with the entity’s strategy to redeploy proceeds from the sale of its Polish assets into high quality Australian retail assets.
Charter Hall Retail posted a net profit of $15.8 million in the first half of the current financial year
