Charter Hall Retail REIT (ASX: CQR) has finalized the sale of Southgate Square in South Australia for AU$91 million and Rosebud Plaza in Victoria for AU$134.5 million. These transactions, resulting from unsolicited off-market offers, align with the June 2023 book valuations. Anticipated settlement dates are February 2024 for Southgate and June 2024 for Rosebud. Post-settlement, the pro-forma balance sheet gearing is projected to decrease from 29% to around 25%.
Charter Hall Retail CEO Ben Ellis emphasized the significance of these sales, highlighting CQR's ongoing commitment to active asset management and portfolio enhancement. The AU$225.5 million in sale proceeds, after deducting transaction costs, will fortify the balance sheet, reinforcing CQR's position in liquid convenience retail assets. CQR confirms an expected FY24 operating earnings of around 27.4 cents per unit, with a distribution payout ratio ranging from 90-95% of operating earnings.
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