Australian real estate trust Charter Hall Retail is selling five Polish shopping malls at a discounted price of $60 million.

The centres, which house 330 speciality stores between them, are being offloaded at 4.6 per cent below the December 2012 book value.

A settlement is expected by the end of September, pending the buyer’s loan approval, with some of the proceeds to be re-invested in Australian acquisitions.

Fund manager Scott Dundas said Charter’s Australian investments would comprise 97 per cent of its net tangible assets after the sale.

Charter will still own two shopping malls in Germany, three small assets in the United States and two small malls in New Zealand, along with a string of Australian suburban and regional centres.

Charter Hall Retail shares were 1.01 per cent, or four cents, lower at $3.94, after the announcement.