By a staff reporter
Charter Hall Retail Group Ltd has offloaded another United States asset as it moves to shore up its presence in the Australian market.
The retail investment group has dissolved its last US joint venture with Regency Centers and sold three properties it received on exiting the venture to a US-based private investor for $49 million.
The $11 million profit from the sale will be reinvested in acquisitions in Australia.
Charter Hall's exit from its last joint venture with Regency means its Australian portfolio now comprises 93 per cent of its net tangible assets.
“The sale is in line with the REIT’s stated strategy of selling down its offshore assets and reinvesting back into the Australian market," fund manager Scott Dundas said.
"The REIT now has only three small wholly owned assets remaining in the United States, all of which are being marketed for sale."
At the 1615 AEDT official market close the group's shares were flat at $3.93, against a broader benchmark rise of 0.16 per cent.