Morningstar upbeat on Charter Hall Retail REIT's property sale

Charter Hall Retail REIT

23/05/2024 19:54

** Analysts at Morningstar say that Australia's Charter Hall
Retail REIT's  CQR.AX  recent property sale should reduce its
gearing (debt to equity ratio) to a moderate level
    ** CQR announced on Wednesday the sale of its Rutherford
Mall for A$49.8 mln ($32.87 mln), a premium to its book value as
of Dec 2023
    ** "We don't think the REIT needs to deleverage much further
from here, but management could undertake more sales to
reposition the portfolio" - Morningstar
    ** Brokerage adds it is comfortable with CQR's current
gearing, either way
    ** Three of 10 analysts rate the stock "buy" or higher,
seven "hold"; their median PT is A$3.80 – LSEG data
    ** Stock down 5.6% YTD, as of last close
($1 = 1.5152 Australian dollars)

 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com;))