Charter Hall Retail REIT sells Brickworks Marketplace

11 July 2023

Charter Hall Retail REIT (ASX: CQR) is pleased to announce the sale and settlement of Brickworks Marketplace, SA for $85 million1. Brickworks Marketplace was held in RP1, which CQR has a 50% interest in alongside Telstra Super. The sale price represents a $4.9 million or 6.1% premium to the December 2022 book valuation.

Charter Hall Retail CEO Ben Ellis stated: “This sale is a strong outcome for CQR and its wholesale partner Telstra Super. Our partnership with Telstra Super has been long and successful with RP1 delivering a 12% equity IRR since inception of the partnership in 2011. The sale was the result of an unsolicited offer and demonstrates the underlying quality and the strong demand for CQR’s Convenience Plus retail assets. It also demonstrates Charter Hall’s on-going focus on curating our portfolios to recycle capital and invest for the benefit of unitholders.”

CQR will report FY23 results on Tuesday, 15th August.

1 CQR share 50% or $42.5 million.