Rutherford Mall sold for $50 million

(Source: Charter Hall)

Charter Hall Retail has sold Rutherford Marketplace, a ‘non-core asset’, for $49.75 million.

The sale value represents a small premium over the centre’s book value as at last December.

Charter Hall will use the proceeds from the sale to reduce debt within the RP1 retail partnership, of which the company has owned half since the partnership’s inception in 2011, alongside TelstraSuper. The company expects settlement in July.

Rutherford Marketplace is the fifth convenience retail shopping centre Charter Hall has sold, taking total divestments for the year to $350 million.

“We continue to focus on curating the Charter Hall convenience retail shopping centre portfolio towards a predominantly East Coast metropolitan portfolio, with assets that dominate their trade catchment and deliver consistent above-average income growth,” said Ben Ellis, Charter Hall CEO.

Most of the company’s divestments are located in regional areas such as Mackay, Rutherford and Rosebud, in addition to Adelaide.

“The recycling part of these sales proceeds into core metropolitan assets such as Eastgate in Sydney extends our continuous portfolio curation strategy,” said Ellis.

Rutherford Marketplace is home to BWS and Woolworths and 20 other retailers.

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