Shopping Centres Australasia Property Group (ASX: SCP) announced that it had entered into a contract with Primewest (which is a subsidiary of Centuria Capital Group) to acquire five convenience-based shopping centres in Australia for a combined price of AU$180 million. It represents a weighted average fully let yield of 6.0%. The acquisition portfolio comprises Dernancourt Shopping Centre, Fairview Green Shopping Centre, Brassall Shopping Centre, Port Village Shopping Centre, and Tyne Square Shopping Centre.
Post these acquisitions, the company will own and manage over AU$4.6 billion of convenience-based shopping centres. Thus, strengthening its position as the leading convenience-based retail specialist in Australia. The acquisitions would be funded using its existing undrawn bank facilities
The company is also planning to enter into an underwriting contract with MA Moelis Australia Advisory Pty Ltd to underwrite a DRP take-up rate of 50% of the total final June 2022 distribution.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
