Acquisitions and redevelopments have helped Charter Hall Retail deliver results in line with its guidance.

The company, which has an Australian portfolio worth $1.6 billion, has achieved statutory profits of $52.6 million for the year ending 30 June 2013.

“Throughout the year we have grown our Australian supermarket anchored portfolio with the acquisition of four properties, one post balance date, and have made significant progress on our redevelopment pipeline,” Scott Dundas, the REIT’s fund manager, said.

“Our reweighting to Australia is almost complete, with the last remaining US joint venture portfolio sold during the year and the Polish portfolio contracted for sale and due to complete next month.’

With focus on building its Australia portfolio, the REIT acquired three supermarket anchored shopping centres – Tamworth City Plaza, Dubbo Square and the remaining 50 per cent interest in Lake Macquarie Fair and Mount Hutton Plaza – for $101 million during the year. All properties are anchored by Coles or Woolworths.

Post balance date, the REIT has also acquired the $33.2 million Secret Harbour shopping centre and adjoining development land in Perth.

The REIT also continues to focus on redevelopment opportunities to enhance its portfolio. The flagship $62 million Singleton Square redevelopment opened with an additional 10,000 square metres of retail space comprising a new Coles supermarket and speciality stores. A further three board approved redevelopments, with a total value of $51 million are in the pipeline due to either be completed or significantly progressed in FY14.

“The REIT is well positioned, with the majority of its portfolio consisting of high quality Australian neighbourhood and sub-regional shopping centres, and combined with active management is expected to continue to deliver a secure and growing income stream for investors,” Dundas said.