Charter Hall in JV to acquire Gateway Plaza

Company News

by Rachael Jones

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
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.