A trio of Victorian supermarket-based assets owned by Charter Hall have been sold off-market to Lascorp for $62.35 million.

The assets included Coles Bairnsdale, which sold for $18.4 million on a 5.45 per cent yield, Kyneton Shopping Centre (a freestanding Woolworths supermarket and four separate shops) which sold for $22.85 million on a 5.5 per cent yield, and Coles Moe, which sold for $21.1 million on a 5.7 per cent yield.

Lascorp Executive Chairman, Michael Lasky, said he was excited to conclude a transaction on three assets which offered exceptional growth potential.

`"The transaction is in line with Lascorp’s evolved strategy to focus more on income-producing investments," he said

At a glance: 

• A trio of Victorian supermarket-based assets owned by Charter Hall have been sold off-market to Lascorp for $62.35 million.
• Coles Bairnsdale was sold for $18.4 million on a 5.45 per cent yield, Kyneton Shopping Centre was sold for $22.85 million on a 5.5 per cent yield, while Coles Moe was sold for $21.1 million on a 5.7 per cent yield.
• The transaction was negotiated by CBRE Directors Mark Wizel and Justin Dowers.

"We have every bit of confidence in the supermarket and convenience retail market as a long term defensive asset class.
 
"The assets acquired are all similar in nature, being net lease supermarkets with a long history of strong performance with opportunity for consistent future rental growth."

CBRE Director Mark Wizel, who brokered the off-market sale transaction with fellow Director Justin Dowers, said commercial property yields continued to appeal to a broader range of buyers turning their backs on the lower returns on offer from bonds or cash.

Source: CBRE 

``The group’s purchase of three very passive retail assets makes a very big statement about just how hard it is to find returns in the current market, not to mention the value of the cash flow that is stemming from these defensive supermarket assets,’’ he said.

The sale follows that of the standalone Coles Mentone late last month which sold on the best yield of the year and the strongest yield since that of Coles Clayton in early 2018.    

Similar to this: 

Coles Mentone sets record yield after being sold for $15.3 million

Vicinity stakes in Corio Central and Mt Ommaney Centre sold for a combined value of $195.5 million

Sale of SA retail centre for $12.95 million shows strengthening state economy, says CBRE