CFS Retail Property Trust Group
(ASX:CFX) has lifted its stake in a Melbourne CBD retail outlet called DFO South Wharf to 75 per cent from 50 per cent.
The real estate investment trust purchased the extra 25 per cent interest for $87.6 million from Plenary Group who will themselves retain a 25 per cent interest.
CFS Managing Director and CEO Angus McNaughton says the acquisition is in line with the company’s strategy.
The strategy includes boosting the weighting of CFS’s direct investment portfolio to retail outlet centres and will be accretive to earnings and distribution from the following financial year.
CFS has advised DFO South Wharf continues to report strong sales growth following its acquisition in 2010.
CFS Retail Property Trust Group reported a net profit of $188 million in the first half of the 2014 financial year.
