Charter Hall Convenience Retail Fund (CCRF) has acquired a portfolio of three Australian shopping centres for A$360m (€215m).
The new three sub-regional convenience shopping centres located in Sydney, Brisbane and Melbourne are all anchored by national supermarket chains, and each asset comes with low site coverage of approximately 35%.
They have “land rich” underlying land value, offering potential to unlock additional income streams and capital growth through active asset management and leasing, the firm said.
Ben Ellis, Charter Hall Retail CEO, said: “We’re pleased to have delivered another high-quality off-market acquisition for CCRF investors, drawing on the scale and expertise of the Charter Hall platform.
“As the leading owner of convenience retail in Australia with over A$17bn of assets and a fully integrated platform that does not outsource its services, we are seeing an acceleration of investor interest right across our retail platform.”
Yvette Keatings, Charter Hall CCRF fund manager, said: “This transaction is directly in line with CCRF’s strategy of acquiring strong performing convenience-based assets in metropolitan locations on large landholdings, underpinned by predominantly non-discretionary usages.
“With high-performing anchor tenants and a favourable income growth profile, these assets provide significant potential to unlock additional capital growth through active asset management.”
The latest acquisition has increased the value of the Charter Hall managed wholesale fund to more than AS$3bn with 35 non-discretionary convenience retail assets.
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