Property Group Charter Hall Retail REIT (ASX:CQR) has established a joint venture relationship with the Charter Hall Prime Retail Fund, to enter into an unconditional contract to acquire Gateway Plaza in Victoria for a total consideration of $117 million.
CPRF comprises wholesale investment partner MTAA Super and Charter Hall Group.
Gateway Plaza is 10km east of the Geelong CBD and 85km southwest of the Melbourne CBD.
The centre underwent an $85m redevelopment in March 2017 and comprises a free-standing shopping centre including a freestanding Bunnings, and car parking for over one thousand vehicles.
The property was offered for sale by Colliers via an open market expressions of interest campaign.
Shares in Charter Hall Retail REIT (ASX:CQR) closed up 1.67 per cent to $4.27 yesterday