The uplift in retail sales is continuing to fuel growth in the retail property trust sector, according to CFS Gandel's September quarterly update.
The report outlines the continued strong performance by discount department stores throughout CFS portfolio as the contributing factor to yet another “consistent period of growth” in the September quarter.
CFS highlights the trust’s redevelopments presently underway including the $36 million Broadmeadows redevelopment and the $140 million redevelopment of Bayside in Frankston. Both centres are in Victoria.
CFS Gandel also notes that its 50% acquisition of the $503 million Chatswood Chase shopping centre in NSW has increased the trust’s exposure in the buoyant NSW property market.
