Charter Hall Prime Retail Fund (CPRF), an unlisted vehicle set up in 2016 for MTAA Super, has acquired a stake in an Australian shopping centre from Charter Hall Retail REIT (CQR).
CPRF bought the 47.5% interest in Salamander Bay Centre in New South Wales for AUD83.1m (€53.2m).
It is the latest joint-venture deal between CPRF and CQR. In June, they jointly acquired Gateway Plaza, a shopping mall in Leopold, Victoria, for AUD117m.
CQR, which is listed on the Australian Securities Exchange, and CPRF now co-own a portfolio worth close to AUD200m.
Greg Chubb, retail CEO at Charter Hall, said: “We are pleased to further extend the joint venture relationship with wholesale investment partners such as MTAA Super.”
He said Salamander Bay was CQR’s “largest wholly-owned asset”, representing 6% of its portfolio.
“This investment reduces CQR’s single asset exposure, while retaining majority ownership of a high-quality convenience plus centre and providing future financial flexibility.”
At the time of the Gateway Plaza transaction, Chubb raised the possibility of further deals between CQR and CPRF, as opportunities arose to acquire assets held within Charter Hall group.
CQR also announced the sale of Kallangur Fair Shopping Centre, Queensland for AUD21.4m.