CQR divests two assets

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Charter Hall Retail REIT (ASX: CQR) (the REIT) today announced the divestment of two lower growth assets for a total consideration of $76.1 million.

The REIT has contracted to divest Coomera Square, QLD and a freestanding Young Woolworths asset at Young, NSW. The assets were sold at a small discount to book value with settlement forecast to occur in December 2018 for Coomera Square and February 2019 for the Young asset.

The divestments are consistent with the REIT’s strategy to divest smaller assets and recycle capital into centres which are the dominant convenience based offers in their respective catchments.

Barring unforeseen events, CQR’s FY19 guidance is for operating earnings to grow by 2.0% per security over FY18. The distribution payout range is expected to be between 90% to 95% of operating earnings.