CFS Retail Property Trust
(ASX:CFX) will sell Rosebud Shopping Centre in Victoria for $100 million to Charter Hall Retail REIT
(ASX:CQR).
The sale represents a 1.7 per cent premium to book value.
CFS fund manager Michael Gorman says the transaction is in line with the strategy to refine the quality of the portfolio through the sale of non-core sub-regional shopping centres.
Rosebud Plaza has provided a total internal rate of return of 12.9 per cent for CFX investors.
Mr Gorman says the proceeds will be used to initially to retire debt.
CFS generated a net profit of $295 million in fiscal 2013.
