Charter Hall Retail REIT (ASX: CQR) has successfully contracted the sale of Southgate Square, South Australia, for AU$91 million, and Rosebud Plaza, Victoria, for AU$134.5 million, continuing its strategic portfolio curation. Both sales, based on unsolicited off-market offers, align with the June 2023 valuations. Anticipated settlements are in February 2024 for Southgate and June 2024 for Rosebud, with pro-forma balance sheet gearing decreasing from 29% to around 25% post-settlement.
CEO Ben Ellis emphasized these sales showcase CQR's active asset management, enhancing portfolio quality, and fortifying the balance sheet. The AU$225.5 million proceeds, excluding transaction costs, will reinforce CQR's balance sheet flexibility with liquid convenience retail assets. CQR reaffirms an expected FY24 operating earnings of approximately 27.4 cents per unit, maintaining a distribution payout ratio range of 90-95% of operating earnings.
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