Charter Hall Retail REIT Appoints Agents to Sell Gordon

Charter Hall Retail REIT (CQR or the REIT) announced today that the REIT has appointed Colliers International and Stonebridge Property Group to market the Gordon Centre (including the Gordon Village and adjoining assets) for sale. The decision to appoint agents follows unsolicited enquiries to purchase the centre that indicated a realisable value significantly in excess of current book value reflecting the re-development potential of the site.

The potential future sale of this asset is in addition to assets already identified for sale as part of the FY17 financial results. Existing FY18 guidance does not include the financial impact of the sale of this Centre.

CQR Fund Manager, Scott Dundas commented that: “We have previously identified Gordon Centre as an asset with significant re-development potential. Due to the current mixed use zoning and floor space ratio along with proximity to existing public transport infrastructure, the potential exists to redevelop the property with a major residential and retail asset in the heart of the Gordon Town Centre.”

The planning, approval and development process will be heavily de-risked by the significant holding income that the assets yield.

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