open

DCRF

Fund overview

DCRF provides high net worth investors exclusive access to Charter Hall’s institutional convenience retail pooled fund at a strategically opportune time in the market cycle.

APIR Code: MAQ3360AU

Charter Hall Direct Convenience Retail Fund (DCRF) is an open-ended, unlisted property fund providing access to a defensive Portfolio of high-quality non-discretionary convenience-based retail properties through its investment in the Charter Hall Convenience Retail Fund (CCRF), an institutional pooled fund managed by Charter Hall Group.

The Fund provides investors an opportunity to co-invest alongside nearly $2 billion of institutional domestic and offshore capital, with a target +$3 billion Portfolio^#.

DCRF offers at an attractive entry point to the convenience retail sector at a strategically opportune time in the market cycle, supported by improving interest rates, strong population growth and a historically low supply pipeline.

Income strength and resilience is underpinned by quality tenants on long-term leases, providing exposure to some of Australia's leading retail brands.

Download the Information Memorandum

Open for investment

$3bn+

Target portfolio value#

11%+ p.a.

Target return^

80%+

Target non-discretionary retailers

Important Information

What is convenience retail

Convenience retail is centred on non-discretionary, everyday needs - places where Australians shop regularly for essential goods and services. This helps provide consistent demand across economic cycles, making it a resilient core sector within the broader property market.

Why DCRF

Access a high-quality non-discretionary convenience-based retail Portfolio across Australia
Invest alongside institutional domestic and offshore capital partners
Strong tenant profile with resilient income underpinned by some of Australia's leading retail brands

Ratings

This report is intended for wholesale clients, AFSL holders or their authorised representatives. By requesting this report you are confirming that you are a wholesale client, you either hold an AFSL or are an authorised representative.

¹

Request the report

In this video, Charter Hall Retail CEO Ben Ellis and Direct CEO Steve Bennett discuss the fundamentals driving institutional investment in convenience retail and why now is a compelling time for direct investors to gain exposure.

Watch video (8 mins)

Limited Offer of bonus Wholesale Units for early direct investors

Under a Limited Offer, Applicants whose application monies form part of the first $15 million received, will receive 1.0% bonus Wholesale Units.*

*Bonus Wholesale Units: Under the Limited Offer, Applicants whose application monies form part of the first $15,000,000 (or such other amount as the Trustee determines) received by the Trustee in respect of which no Equity Raising Fee is payable in connection with their application, will receive 1.0% bonus Wholesale Units. By way of example, an Investor will be issued an additional 1,000 bonus Wholesale Units for every 100,000 Wholesale Units subscribed for (equating to 101,000 Wholesale Units for every $100,000 invested).

Why Australian convenience retail property

Proven outperformance

Charter Hall’s convenience retail funds have delivered ongoing outperformance against its MSCI (institutional) benchmark.

Strategic retail locations

The fund targets core retail assets in irreplaceable, convenience-focused locations within strategic population catchments.

Non-discretionary focus

Convenience assets are backed by non-discretionary spending, which is resilient through economic cycles.

Income underpinned by Australia's leading retailers

Important information

Offer opening date	4 September 2025
First Allotment Date	17 October 2025 Subsequent allotment dates will occur daily
Minimum Application Amount	$100,000 The Trustee may waive the minimum Application Amount requirements in its discretion
Eligibility	Open to investment by Wholesale Clients only, being a person or entity that is not a 'retail client' under section 761G of the Corporations Act. This commonly includes a person or entity: that has obtained a qualified accountant’s certificate stating they have net assets of at least $2.5 million, or a gross income for each of the last two financial years of at least $250,000; or a professional investor; or investors who invest at least $500,000 in a single offer.

All dates are subject to change and are at the discretion of the Trustee. The Trustee may also not proceed with the Offer in its discretion.

Download the Information Memorandum

Looking to invest? Here’s how

Read

Read the Information Memorandum in full.

Consider

Consider the offer, paying particular attention to the risks set out in the Information Memorandum.

Consult

Consult your financial adviser, stockbroker and other professional adviser.

Access

Access our online applications or complete the paper copy accompanying the Information Memorandum.

Apply Online Now

Contact us (Advisers)

Scott McLennan

Head of Distribution

Melissa Ridley

National Strategic Account Manager

Marco Triani

State Distribution Manager (NSW/Qld)

Craig Harding

Senior Business Development Manager (Vic/Tas/SA/WA)

Sandhya Reddy

Account Manager

Contact us (Direct Investors)

Oliver Gordon

Investor Communications Executive

Sarah Bohill

Investor Communications Executive

Charter Hall

Enquiries

This website should only be read by wholesale clients (within the meaning of that term under the Corporations Act 2001 (Cth) (“Corporations Act”)) (“Wholesale Client”). No retail clients (within the meaning of the Corporations Act) will be able to act upon the information contained within this website.

This website has been prepared by Charter Hall Direct Property Management Limited (“CHDPML”) (ABN 56 073 623 784, AFSL 226849) as the responsible entity and the issuer of units in the Charter Hall Direct Convenience Retail Fund (“DCRF”). CHDPML has issued an Information Memorandum (“IM”) for DCRF dated 4 September 2025. Investors should consider the IM and any supplementary IM carefully in determining whether to apply to acquire units in DCRF. The IM and any supplementary IM set out the offer to apply for units, and will be available at www.charterhall.com.au/dcrf or by calling 1300 652 790. Applications for units in DCRF may only be made by completing the application form contained in the IM and will only be available to Wholesale Clients. This website and any other documentation including the IM and any supplementary IM is not, and is not required to be, a disclosure document, product disclosure statement or prospectus (within the meaning of the Corporations Act). It may not contain the same level of disclosure as those websites and has not been, and is not required to be, lodged with the Australian Securities and Investments Commission (“ASIC”).

To the maximum extent permitted by law, CHDPML disclaims all liability for any loss or damage which may arise out of the provision to, or by, or use by, any person of the information set out above. This is not an offer to acquire any units or make any investment in DCRF. This information does not constitute an offer for the issue, sale or purchase of any securities, or any recommendation in relation to investing. This website is general in nature and does not take into account any particular investors’ objectives, financial situations or needs. If you are considering an investment in the Fund you should read the IM and any supplementary IM in its entirety and seek appropriate professional advice. Total returns are subject to risks outlined in the IM and supplementary IM. Past performance is not an indicator of future performance. Any forecast or other forward-looking statements contained in this website may involve significant elements of subjective judgment and assumptions as to future events which may or may not be correct. Refer to the IM and any supplementary IM for more detailed information in relation to the financial information and the assumptions and risks underlying the forecast returns.

Whilst all care has been taken in preparation of this website, CHDPML does not give any representation or warranty as to the reliability, completeness or accuracy of the information contained in this website. CHDPML does not accept liability for any inaccurate, incomplete or omitted information of any kind or any losses caused by using this information.

If units in DCRF are acquired, CHDPML and its associates may receive fees and other benefits, which are fully set out in the IM.

This website may not be copied, reproduced, distributed or disseminated to any other person without the express prior approval of CHDPML.

Ratings are only one factor to be taken into account when deciding whether to invest in a financial product. Consider your personal circumstances, read the Information Memorandum and seek independent financial advice before investing.

1. This report is intended for wholesale clients, AFSL holders or their authorised representatives, by accessing this report you are confirming that you are a wholesale client or you either hold an AFSL or are an authorised representative.

The Zenith Investment Partners Pty Ltd (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating of Charter Hall Direct Convenience Retail Fund (APIR MAQ3360AU) (assigned 25 September 2025) referred to in this piece is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of and consider the Information Memorandum or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at https://www.zenithpartners.com.au/our-solutions/investment-research/regulatory-guidelines/.

Charter Hall Direct Convenience Retail Fund (DCRF)

Invest alongside institutional domestic and offshore equity

11%+ p.a. target IRR^

Fund overview