Charter Hall Retail REIT

CQR: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Charter Hall Retail REIT: Sale of Rutherford Mall at Premium Adds to Sound Balance Sheet

Alexander Prineas

May 23, 2024

No-moat Charter Hall Retail REIT announced the sale of Rutherford Mall in New South Wales for AUD 50 million. The sale price was slightly above the December 2023 book value, consistent with our view that retail REITs contain gearing by selling assets. Smaller retail sites have been one of the few pockets of commercial property in Australia that maintain their valuations and remain liquid. The Rutherford Mall sale continues a pattern of recent disposals from retail REITs Vicinity Centres, Charter Hall Long WALE REIT, and Region Group. All have sold smaller retail sites near book values, and, in some cases, above book values.

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