Australia-based Charter Hall Retail REIT entered into a conditional agreement to sell its 60% interest in a United States portfolio of 32 properties, owned in partnership with Desco Group and Regency Centers.

Parties associated with the Desco Group will acquire the REIT’s interest for a gross sale price of $168 million, representing a yield of 8.5%. At the same time, Regency has elected to take a distribution in kind of four assets for its 16% interest.

The deal when closed will eliminate $107.0 million of property-level debt, will release approximately $63.91 million of proceeds and will reduce the REIT’s balance sheet gearing by 2.1% and look through gearing by 5.1%.

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