Charter Hall Retail REIT has sold its interest in the last US joint venture entity with Regency Centers.

As part of this transaction, the joint venture was dissolved and the four properties distributed between the co-owners. The REIT received three properties and simultaneously sold these assets to a US-based private investor.

The sales was complete for a gross sale price of US$49 million, which is in line with book value, and will realise net proceedings of approximately $11 million.

The company said this will be reinvested into Australian acquisition opportunities or the REIT’s redevelopment pipeline.

““The sale is in line with the REIT’s stated strategy of selling down its offshore assets and reinvesting back into the Australian market. The REIT now has only three small wholly owned assets remaining in the United States, all of which are being marketed for sale,” Scott Dundas, fund manager, said.

With the dissolution and sale of the last Regency JV, 93 per cent of the REIT’s net tangible assets are now located in the Australian market.