Charter Hall : acquires landmark Burwood One Shopping Centre, Melbourne

About this update from Charter Hall Group

Charter Hall Group (Charter Hall) has acquired Burwood One Shopping Centre (Burwood One) in Victoria for $210 million, adding to its growing metropolitan convenience retail portfolio. Burwood One is a dominant retail landmark in metropolitan Melbourne, 17km east of the CBD in the established suburb of Burwood East. The centre occupies a prominent 58,800sqm Commercial 1 zoned corner site at the intersection of major arterials Burwood Highway and Blackburn Road. It is fully leased and anchored by Coles, Kmart and ALDI, along with seven mini majors, 40 specialty stores and eight kiosks. Coles and Kmart trade 24-hours and are among the best-performing Coles and Kmart combinations nationally. Charter Hall Retail CEO, Ben Ellis, said, "Burwood One is another high-performing convenience based sub-regional shopping centre in our growing $2.5 billion Charter Hall Convenience Retail Fund, and follows our acquisition of Southport Park Shopping Centre last week. The site is well positioned for future growth, given its proximity to Deakin University and the planned Suburban Rail Loop East, as well as future value add with development potential. "The high-quality Burwood One and Southport Park assets perfectly represent our strategy of investing in dual and triple supermarket anchored convenience shopping centres in strong metropolitan locations, with expectations of solid capital growth. CCRF will continue to deliver outperformance for our investors within a sector dominated by non-discretionary retailers." The acquisition was secured by Charter Hall via a select party EOI campaign, negotiated by Stonebridge (Justin Dowers and Kevin Tong) on behalf of a private investor.

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