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Charter Hall Retail REIT (CQR or the REIT) today announced that it has exchanged contracts to divest the Moranbah Fair Shopping Centre (Moranbah Fair) in Moranbah, Queensland, for $25 million.
Settlement is scheduled to occur in December 2017. The sale price is at current book value. Moranbah was held for sale at June 30 with the divestment factored into FY18 earnings guidance of 30.2cpu to 30.6cpu.
CQR Fund Manager, Scott Dundas commented on the REIT’s divestment strategy and accomplishment in implementing its strategic drivers:
“The REIT has completed $157,000,000 of gross transactions over the past 12 months which demonstrates our ability to execute on our strategy to transition the portfolio, increasing the average asset value to $44.7 million through selective acquisitions of higher growth properties and value accretive redevelopment opportunities. With ongoing demand for retail assets, like Moranbah Fair, we will continue to explore additional divestment opportunities to enhance the quality of the CQR portfolio in the year ahead. Similarly, we will also continue to buy-back securities where this continues to deliver the best risk-adjusted returns, while maintaining a prudent capital structure".