Sydney - Friday - October 17 (RWE) - Shopping Centres Australasia Property Group ( SCP) today completed the acquisition of The Markets Shopping Centre in South Brisbane, Queensland from a private investor group.
The purchase price of $32.0 million represents an initial yield of around 7.2%.
The Markets is a neighbourhood shopping centre located 2km from Brisbane GPO, anchored by a Coles supermarket, BWS bottle shop and 23 specialty tenants.
The acquisition will be funded by using existing cash and debt facilities.
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Shopping Centres Australasia Property Group announced that it has acquired Clemton Park Shopping Village, a neighbourhood shopping centre within an integrated mixed-use project being developed by Australand, in JV with LaSalle Investment Management.
The centre is located 13km SW of Sydney CBD. Upon completion, the centre will comprise a single stratum lot of basement parking and retail shops at ground level, anchored by a Coles supermarket, 1 mini major and 16 specialty retailers.
The purchase price is $48m at a cap rate of 7.39% with a 3-year rental guarantee in place.
A deposit of $2.4m has been paid, with the balance of the purchase price of $45.6m payable on completion of the development, expected to be in H2 2016.
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$180m Retail Divestment at 24% Premium to Book Value
• Five shopping centres divested to SCA Property Group; collective $180m; 24.1% premium to book value1
• Compelling returns for unitholders; both trusts delivered double-digit Internal rates of return
• $5.7m performance fee generated
SYDNEY (Monday, 20 June 2022) – Centuria Capital Group (ASX: CNI or “Centuria”) subsidiary, Primewest,
has divested five neighbourhood shopping centres on behalf of two unlisted wholesale funds, to SCA Property
Group, for a collective $180 million, representing a 24.1% premium to book value1
Collectively, the divestments will generate a $5.7 million performance fee for the Group.
The assets were held across two unlisted closed funds. The first, a single-asset fund, which owned the Fairview
Green Shopping Centre. The second, Primewest Retail Trust (PWRT), a multi-asset fund comprising four
geographically diversified shopping centres as outlined below.
The divestments provide an exceptional result for both fund’s unitholders, delivering double digit internal rates of
Jason Huljich, Centuria Joint CEO, said, “These daily needs retail neighbourhood shopping centres have proved
resilient throughout the past few years as local communities continued to rely on the supermarket anchored
centres for their non-discretionary shopping. Both funds have been held for long-term periods and the sales
provide compelling returns for our investors.”
Divested Properties State Value Premium to book
Fairview Green Shopping Centre, Fairview Park SA $39.5m 34.4%
Dernancourt Shopping Centre, Dernancourt SA $46.0m 30.7%
Brassall Shopping Centre, Ipswich QLD $46.5m 18.9%
Port Village Shopping Centre, Port Douglas QLD $36.0m 16.1%
Tyne Square Shopping Centre, Northbridge WA $12.0m 16.3%
Total / weighted average $180m 24.1%
i hold SCP