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OtherTue 05 Jun 18

Charter Hall Retail Fund Picks Up Geelong Mall for $117m

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After Vicinity’s announcement on Monday that it will offload up to $1 billion worth of small to medium-sized shopping malls, Charter Hall has snapped up one of its grocery-anchored regional centres in Victoria.

The property giant’s ASX-listed Retail REIT, in partnership with its unlisted Prime Retail Fund, has entered into an unconditional contract to acquire the Gateway Plaza in Leopold, Victoria.

The Leopold Gateway Plaza was separate to the $1 billion portfolio of shopping centres Vicinity are selling.

The Charter Hall Prime Retail Fund was set up in 2016 with super fund MTAA to acquire the Campbelltown Mall from Perth-based Perron Investments for $197 million.

The Gateway Plaza is located 10km east of the Geelong CBD, and is anchored by a full-line Coles supermarket, Aldi, Kmart and Bunnings. Vicinity Centres redeveloped the 32,302sq m sub-regional centre in 2017, spending $85 million on the revamp.

Related reading: Charter Hall Picks Up Brisbane Office Tower


Charter Hall retail chief executive Greg Chubb said that the acquisition of the Gateway Plaza aligns with the REIT’s investment strategy.

“By extending the joint venture relationship with wholesale investment partners such as MTAA Super, the REIT is able to extend its access to wholesale capital in addition to existing wholesale partnerships and provides future financial flexibility for [Charter Hall Retail REIT].”

“We will continue to explore other opportunities for the joint venture across our existing portfolio and any potential future acquisitions.”

Leopold has a main trade area population of 76,250 residents, which is projected to grow to more than 88,880 residents by 2026. Nearly 6000 new developments are planned or under construction in the area.

The $117 million purchase will be funded by recent divestments. The property was offered for sale through Colliers.

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Article originally posted at: https://theurbandeveloper.com/articles/charter-hall-retail-fund-picks-up-geelong-mall-for-117m